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 Thursday, 4 October 2024, 7:23 PM
State Finished
Completed on Thursday, 4 October 2024, 8:51 PM
Time taken 1 hour 28 mins
Marks 35.00/35.00
Grade 100.00 out of 100.00
Question 1
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Question text
Ngwenya (Pty) Ltd incurred the following legal expense during the 2024 year
of assessment ended 29 February 2024:
i) R9 000 legal costs for debt collection;
ii) R26 000 legal costs relating to the drawing up of an agreement to purchase a
piece of land;
iii) R51 000 relating to a dispute with a client of Ngwenya (Pty) Ltd who sued
the company for supplying incorrect goods. Ngwenya (Pty) Ltd's lawyers were
successful in defending the company on this matter.
Determine the amount that is deductible by Ngwenya (Pty) Ltd relating to legal
fees.
a.
R60 000
b.
R35 000
c.
R9 000
d.
R86 000
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The correct answer is: R60 000
Question 2
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A Close Corporation (not a small business corporation as defined) needs to
make its second provisional tax payment for the 2024 year of assessment
(ending 31 March). It has estimated that its taxable income for the 2024 year
will be R770 000 and its basic amount from the last assessment received from
SARS for the 2022 year of assessment is R560 000.
What amount should the CC use to calculate its second provisional tax
payment?
a.
R604 800
b.
R770 000
c.
R560 000
d.
R649 600
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The correct answer is: R649 600
Question 3
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The shareholders, directors and members of a close corporation who were in
control of or regularly involved in the management of the overall financial
affairs of the business, will under certain circumstances become personally
liable for which two taxes if the business has failed to pay the tax over to
SARS?
a.
VAT and employees tax (PAYE)
b.
Provisional tax and income tax
, c.
Employees tax (PAYE) and provisional tax
d.
Income Tax and VAT
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The correct answer is: VAT and employees tax (PAYE)
Question 4
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On 1 February 2024, Ubuntu (Pty) Ltd acquired a new machine for R2 200
000. The machine was brought into use the same day in a process of
manufacture. Calculate the capital allowance to be claimed by Ubuntu (Pty)
Ltd on this machine for the 2024 year of assessment ending 29 February.
Assume Ubuntu (Pty) Ltd is a Small Business Corporation, as defined in the
Act.
a.
R2 200 000
b.
R183 333
c.
R1 100 000
d.
R Nil
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The correct answer is: R2 200 000
Question 5
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Question text
Which of the following is incorrect with regards to Small Business
Corporations (SBCs)?
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