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TAX1501 ASSESSMENT 4 SEM 1 OF 2024 EXPECTED QUESTIONSA AND ANSWERS

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THIS DOCUMENT CONTAINS TAX1501 ASSESSMENT 4 SEM 1 OF 2024 EXPECTED QUESTIONSA AND ANSWERS COMPILED FROM OVER 6 ASSESSMENTS DONE THIS SEMESTER. USE IT FOR PRACTICE

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  • 22 de abril de 2024
  • 245
  • 2023/2024
  • Examen
  • Preguntas y respuestas
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During the current year of assessment, Dornan received a low-interest loan from his employer. The taxable
fringe benefit is calculated using which rate?

a. Interest rate on the loan less official interest rate
b. Official interest rate less interest rate on the loan
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c. Interest rate on the loan oscardiura@gmail.com
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d. Official interest rate +27844708483 for
FAC,MAC,ECS,TAX,QMI,FIN,IN
,BNU,MNB STA MNG DSC
OSCAR THE TUTOR Tutoring
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WHATSAPP: 0737560989
+27844708483 for
FAC,MAC,ECS,TAX,QMI,FIN,INV,BNU,MNB STA MNG DSC
Tutoring

,Lisa received a monthly travel allowance of R4,000 per month for the entire year of
assessment. The following details pertain to her travel allowance:

Total kilometers for the year: 45,000 km
Business kilometers for the year: 18,500 km
Vehicle cost: R305,000 (including VAT)

Actual vehicle expenses:
Fuel: R12,000
Maintenance: R4,000
Insurance premiums: R6,000
License fees: R700

She maintained a logbook of all business travel. Calculate the actual cost per
kilometer (in Rands).

a. R4.96
b. R4.25
c. R1.47
d. R0.5

Clear my choice

,Sizwe Ngubane is employed as a sales executive for a pharmaceutical company. He receives a travel
allowance for using his car for business trips. The details of his travel allowance are: * Total travel
allowance received for the year – R41,250 * Total kilometers travelled for the year – 20,625 km * Private
kilometers for the year – 9,000 km. Sizwe uses his car, which he purchased for R94,000 (R80,000 cash plus
VAT R14,000). Calculate the business kilometers for the current year of assessment.

a. 9,000 km
b. 31,625 km
c. 11,625 km
d. 20,625 km

, Lisa has the right to use her employer's holiday accommodation for 1 week each year. She and her family
used the holiday accommodation for 3 days in October 2023. Lisa's employer normally rents the place out to
unconnected persons for R2 600 per day . Calculate the taxable portion of Lisa's fringe benefit for the year of
assessment.

a. R1 300
b. R2 600
c. R18 200
d. R7 800
OSCAR THE TUTOR
oscardiura@gmail.com
WHATSAPP: 0737560989
+27844708483 for
FAC,MAC,ECS,TAX,QMI,FIN,INV,BNU,MNB STA MNG DSC
Tutoring

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