TAX3704 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE 17 September 2024
TAX3704 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE 17 September 2024
TAX3704 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE 17 September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
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University of South Africa
Tax Administration
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, TAX3704 Assignment 2 (COMPLETE ANSWERS)
Semester 2 2024 - DUE 17 September 2024 ; 100%
TRUSTED Complete, trusted solutions and explanations.
Question 1: (35 marks) Background information Your best
friend Ntato Hill called you and asked for assistance regarding
an audit SARS is conducting on her husband, Jack’s business.
The following information may or may not be relevant. • Jack
Hill is 70 years old and runs a business (as sole proprietor) that
manufactures spare parts for industrial machinery. He was in a
serious motor vehicle accident in April 2022 and was discharged
from the hospital only in March 2023. After his accident, Jack’s
wife appointed an accountant to take over Jack’s financial
responsibilities and an engineer to assist in the factory. • The
newly appointed accountant prepared the financial statements
for the 2022 financial year and submitted a return on behalf of
Jack before the deadline of 21 January 2023. • The return
submitted by the accountant states that the business made a loss
of R200 000. In the past 25 years, the business always made
taxable profits. The SARS risk engine flagged Jack as a risk
case, and the audit commenced after Jack had been given the
required notice. Observation You decide to make notes relating
to the risks associated with the audit Risks There is a possibility
that the newly appointed accountant did not disclose all the
income earned by the business. SARS may issue an estimated
assessment. Jack may be unable to pay his outstanding tax debt.
REQUIRED MARKS (a) Explain to Jack what statutory powers
are granted to a senior SARS official under a request for
relevant material. Refer to applicable tax legislation. 10
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