TAX3761 Taxation Of Business Activities And Individuals (TAX3761)

This document contains solution to TAX3761 test 3 due 28 July 2023, using this document will ensure a 90% plus distinction pass.

Summary Notes for Tax3761

TAX2601 ASSIGNMENT 5 DUE 24 OCTOBER 2022 PLUS LATEST EXAM PACK

This document summarize the learning material for TAX3761. Exam prep , only important parts is listed.

“A trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. Trusts are established to provide legal protection for the trustor’s assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance or estate taxes. In finance, a trust can also ...

Turnover tax is a simplified system of taxation that was introduced to substitute income tax, CGT, dividends tax (partially) and VAT. This system of taxation applies to all businesses who qualify as a micro business. This study unit is going discuss the requirements to qualify as a micro business, the calculation of taxable turnover, turnover tax rates, the requirements for registration and deregistration of turnover tax, and lastly, how turnover tax is administered.

VAT is an indirect tax charged on goods and services. Any enterprise registered as a VAT vendor may claim back VAT it had paid on its purchases from SARS. Government makes revenue, mainly, through VAT and other forms of tax. It is mandatory for certain businesses to register as VAT vendors. These businesses act as the agent for government in collecting the VAT. This study unit provides an in-depth discussion of the major aspects of VAT. VAT was introduced in South Africa in 1991 to replace the G...