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TAX3701 Assignment 1 Semester 2 2024
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TAX3701 Assignment 1 Semester 2 2024
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Assessment 1 (page 1 of 50) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=20UNISA 2024 TAX3701-24-S2 Assessment 1
QUIZ
BOOK ASSIGNMENT 02 ON WHATSAPP 064 516 7275
BOOK ASSIGNMENT 02 ON WHATSAPP 064 516 7275
BOOK ASSIGNMENT 02 ON WHATSAPP 064 516 7275
Question 1 BOOK ASSIGNMENT 02 ON WHATSAPP 064 516 7275
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In which appellate division case did the courts decide that “accrue” means a person
has become entitled to an amount?
A. Mooi SIR
B. SIR v Trust Bank of Africa Ltd
C. CIR v Visser
D. CIR v People’s Stores (Walvis Bay) (Pty) Ltd
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1 of 1 2024/08/14, 20
,Assessment 1 (page 2 of 50) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=20
UNISA 2024 TAX3701-24-S2 Assessment 1
QUIZ
Question 2
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Section 50A to 50H on the Income Tax Act provides for the withholding tax on
interest. Which of the following is not exempt from withholding taxes on interest?
A. Interest on listed debt or paid to a client as de�ned in The Financial Markets
Act
B. interest from a source in the Republic paid to a non-resident
C. Interest paid by national, provincial, or local government
D. interest paid by a bank
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1 of 1 2024/08/14, 20
,Assessment 1 (page 3 of 50) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=20
UNISA 2024 TAX3701-24-S2 Assessment 1
QUIZ
Question 3
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Seeta (Pty) Ltd (‘Seeta’) is a shoe manufacturing company that manufactures shoes
for the local, African, and overseas markets. Seeta is a registered VAT vendor on an
invoice basis with a two-month VAT period. The following amounts were extracted
from the receipts and payments for the two-month period to 31 January 2024. All
amounts are inclusive of VAT where applicable, unless otherwise stated.
December 2023 January 2024
Bad debts recovered (R) 2 240 2 480
Included in bad debts recovered during January is an amount from a Botswana
customer. The original sale amount was R920 and only 80% of the debt was
recovered.
What is VAT on the bad debts recovered?
A. R Nil-exempt
B. R520 Output VAT
C. R520 Input VAT
D. R616 output VAT
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1 of 1 2024/08/14, 20
,Assessment 1 (page 4 of 50) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=20
UNISA 2024 TAX3701-24-S2 Assessment 1
QUIZ
Question 4
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The general deduction formula requires taxpayers to carry on a trade to be able to
deduct expenses. Which one of the following scenarios would not constitute the
carrying-on of a trade?
A. The taxpayer carries on a business in construction and incurs expenses for
numerous years before income is earned
B. The taxpayer has a trademark and earns royalties by granting the right to use
the trademark
C. The taxpayer invests on the JSE Limited and earns dividends from shares.
D. The taxpayer owns several investments in the form of properties and earns
rental income
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1 of 1 2024/08/14, 20
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