Exam (elaborations)
TAX2601-S2-2024-ASSESSMENT 4 ALL QUESTIONS ARE COVERED 100% PASS
- Institution
- University Of South Africa (Unisa)
TAX2601-S2-2024-ASSESSMENT 4 ALL QUESTIONS ARE COVERED 100% PASS
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QuizAssessment 4
Started on Tuesday, 25 September 2024, 2:30 PM
State Finished
Completed on Tuesday, 25 September 2024, 4:29 PM
Time taken 1 hour 58 mins
Marks 35.00/35.00
Grade 100.00 out of 100.00
Question 1
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Question text
The following information relates to a company with a 31 March year end. The
2022 assessment was received on 20 January 2023, reflecting assessed taxable
income of R760 000. The 2023 assessment was received on 21 September
2023, reflecting assessed taxable income of R650 000.
Which one of the following amounts must be used as the basic amount in order
to determine the first provisional tax payment for the 2024 year of assessment?
a.
R760 000
b.
R881 600
c.
R820 800
d.
R650 000
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The correct answer is:
R760 000
Question 2
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Question text
Bhekisizwe CC qualifies as a micro business. They received cash amounts of
R650 000 relating to party services for the period 1 March 2023 to 29 February
2024. Excluded from this amount is R42 000 received in cash from the sale of
a delivery vehicle as well as some rental income of R21 000 which the CC
received from occasionally renting out the garden portion at the front of their
business premises for private functions.
What is Bhekisizwe CC’s taxable turnover for the year ended 29 February
2024?
a.
R650 000
b.
R671 000
c.
R713 000
d.
R692 000
Feedback
The correct answer is: R692 000
Question 3
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Question text
Ngwenya (Pty) Ltd had the following expenses during the 2024 year of
assessment:
Bad debts from customers = R72 000
Bad debts from a loan to a supplier = R96 000
Calculate the deduction available for tax purposes to Ngwenya (Pty) Ltd for
the 2024 year of assessment ending 29 February 2024.
a.
R72 000
b.
, Rnil
c.
R168 000
d.
R96 000
Feedback
The correct answer is: R72 000
Question 4
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Question text
Bhekisizwe CC is a start-up company established by two sisters. It started
trading on 1 July 2023 and have a year of assessment ending on 29 February
2024. The sisters make bread and crackers which are suitable for diabetics and
sell them at various food markets in the Gauteng region over weekends. They
recently started selling their products in a well-known supermarket. Additional
information:
Total receipts for the period from
turnover R540 000
Capital receipts (from the sale of equipment not included in total
receipts) R28 000
Taxable
turnover R554 000
Taxable
income R275 300
Assume Bhekisizwe CC qualifies as a micro business. What would its tax
liability be for the 2024 year of assessment?
a.
RNil
b.
R74 331
c.
R2 450
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