Taxation of business actvities (University of South Africa)
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UNIVERSITY EXAMINATIONS
Oct/Nov 2024
TAX3761
Taxation of Business Activities and Individuals
100 Marks
Duration 3 Hours
This paper consists of eleven (11) pages, plus a schedule (pp i - iv)
IMPORTANT INSTRUCTIONS:
Assumptions:
1. All amounts exclude Value-Added Tax (VAT) unless specifically stated otherwise.
2. The VAT rate increased from 14% to 15% from 1 April 2018.
3. All persons mentioned are residents of the Republic of South Africa unless stated otherwise.
4. SARS = South African Revenue Service.
5. All transactions are conducted with registered VAT vendors, unless specifically stated other
wise.
6. Valid tax invoices and required documentation are obtained for all transactions.
The answering of this paper:
1. This is a closed-book exam.
2. This paper consists of two (2) questions with subsections.
3. All questions and sub-sections must be answered.
4. Each sub-section must be commenced on a new (separate) page.
5. All calculations, where applicable, must be shown. Where an amount is subject to a limitation,
clearly indicate the application of the limitation. Where any item does not form part of gross income,
is exempt from tax or is not allowable as a deduction, this must specifically be indicated, and a short
reason should be provided. Where indicated, a reference must be provided to the relevant section
or paragraph number of the corresponding Act.
6. All amounts must be rounded to the nearest Rand.
Honesty Declaration:
By submitting my solution to the exam, I declare that:
I know what plagiarism is, that plagiarism is wrong and that disciplinary steps can be taken against me if
I am found guilty of plagiarism.
This solution, submitted by myself, is my own work.
I have not assisted any other student in any manner, and I have not had the assistance of any other
person, in completing this exam.
I will not assist any other student in any manner, and I will not obtain the assistance of any other person,
in completing this exam.
I know that if I am found to be in violation of this declaration, I will have to face a disciplinary hearing.
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2 TAX3761
Oct / Nov 2024
Please note: You do not have to sign the declaration. By submitting your solution, you automatically
declare that you adhere to all the above with regards to this specific assessment.
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