Exam (elaborations)
Tax2601 Assignment 6 Semester 2 2024 All Questions are Covered
- Institution
- University Of South Africa (Unisa)
Tax2601 Assignment 6 Semester 2 2024 All Questions
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By: lebohangh • 1 month ago
By: kubi90 • 1 month ago
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Started on Tuesday, 5 November 2024, 11:46 AMState Finished
Completed on Tuesday, 5 November 2024, 2:03 PM
Time taken 2 hours 17 mins
Grade 86.00 out of 100.00
Question 1
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Assume the following taxpayer information: The taxpayer is a South African manufacturing
company (not a small business corporation as defined) with a 31 March 2024 year of assessment.
Calculate the proceeds (for CGT) for the disposal of the machine BELOW.
a.
R510 000
b.
R95 000
c.
R605 000
d.
R415 000
Question 2
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Bhekisizwe CC is a bakery that specialises in pastries and it qualifies as a Small Business
Corporation (SBC), as defined. Bhekisizwe CC’s financial year ends on 31 March 2024. Mr Bheki,
the owner, heard about the different advantages when a company is regarded as a SBC. He wants to
know which one of the following statements is true?
,a.
SBCs do not pay dividend tax.
b.
SBCs do not need to register for income tax.
c.
SBCs only pay tax on the taxable turnover.
d.
SBCs qualify for a 50% / 30% / 20% capital allowance over three years in respect of non-
manufacturing assets.
Question 3
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What is a trust deed?
a.
It is a legal document that contains a set of rules that govern the trust.
b.
It is an action that is performed intentionally or consciously by a trust.
c.
It is the final will of a deceased person.
d.
It is a property that is owned by the trust.
Question 4
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Bhekisizwe (Pty) Ltd is a registered micro business and it has estimated that its taxable turnover for
the year of assessment ending 29 February 2024 will be R551 000. Calculate the first interim
payment for the 2024 year of assessment for Bhekisizwe (Pty) Ltd (due on 31 August 2023).
a.
,R510
b.
R1 335
c.
R2 670
d.
R255
Question 5
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Bhekisizwe (Pty) Ltd elected to be taxed on the turnover based tax system. Bhekisizwe (Pty) Ltd
estimates that its taxable turnover for the 2024 year of assessment will be R550 000.
When must the first interim payment for the 2024 year of assessment be made?
a.
1 March 2022.
b.
28 February 2023.
c.
31 August 2022.
d.
31 August 2023.
Question 6
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Ngwenya (Pty) Ltd had closing trading stock with a value of R1 200 000 at the end of the company's
year of assessment on 28 February 2023. The trading stock was sold by the company for R1 400 000
during its 2024 year of assessment ended 29 February 2024. Calculate taxable income of Ngwenya
(Pty) Ltd for 2024 year of assessment.
, a.
R(200 000)
b.
R200 000
c.
R1 200 000
d.
R1 400 000
Question 7
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Bhekisizwe is a 38 year old nurse. She heard in the budget speech during February 2024 that the
individual tax rates will increase. She wants to know when this change will take effect.
a.
With effect from 1 April 2024.
b.
With effect from 1 March 2025.
c.
With effect from 1 March 2024.
d.
With effect from 28 February 2025.
Question 8
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Which of the following is incorrect with regards to Micro businesses?
a.
A micro business is a special type of business for tax purposes in South Africa
b.
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