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TAX1501 ASSESSMENT 7 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS R80,33
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TAX1501 ASSESSMENT 7 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS
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THIS DOCUMENT CONTAINS TAX1501 ASSESSEMENT 7 OF 2024 EXPECTED QUESTIONS AND ANSWERS.USE IT CORRECTLY FOR PRACTICE AS A GUIDE TOHELP YOU SCORE ABOVE 75%

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  • November 8, 2024
  • 797
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Contreras acquired his primary residence after 1 October 2001 for R900 000. During the current year of assessment, he sold it for R2 900 000. He used his primary residence 20% for trade
purposes and claimed 15% of cost for income tax purposes. Which of the following statement is incorrect regarding the declaration of the sale of his primary residence in the income tax return?

a. The primary residence exclusion that can be claimed R2 000 000.
b. The capital gain attributable to trade is R400 000.
c. The capital gain attributable to the sale of the primary residence is R1600 000
d. The capital gain attributable to trade can be reduced by the annual exclusion of R40 000 available to natural persons.

Clear my choice

,A primary residence excludes:

a. Caravan
b. Business premise
c. Boat
d. House

Clear my choice

,An example of a disposal is:

a. Sharing your property
b. Leasing your property
c. Selling of your property
d. Buying your property

, Nkosana, his wife, and their three minor children are members of a registered medical aid. None of the members registered on the medical aid have been diagnosed as a person with a disability as defined by a registered
medical practitioner in accordance with the criteria prescribed by the Commissioner. His employer contributes R3,100 monthly towards his medical scheme. His salary is R270,000 a year. His qualifying medical
expenditure is R17,800. The qualifying expenditures were not reimbursed by the medical aid. Nkosana is 31 years old. He pays R2,300 monthly towards the medical scheme. He and the employer contributed for the full
year of assessment. YOU ARE REQUIRED to calculate the medical scheme fees tax credit for the current year of assessment.

a. R17 592
b. R2 005
c. R2 702
d. R0

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