CAS3701 Assignment 11 2024 - DUE 13 September 2024 ;100 % TRUSTED workings, Expert Solved, Explanations and Solutions. For assistance call or W.h.a.t.s.a.p.p us on ...(.+.2.5.4.7.7.9.5.4.0.1.3.2)...........
QUESTION 1
1. BACKGROUND
LearnCo. Limited (LearnCo.) is a top training provider tha...
CAS3701 ASSIGNMENT 10 CASE STUDY 1 SOLUTION DUE 26 AUGUST 2024
Tout pour ce livre (2)
École, étude et sujet
University of South Africa
Capstone in Accounting Sciences (CAS3701)
Tous les documents sur ce sujet (110)
1
vérifier
Par: mafaphilipos95 • 1 mois de cela
Vendeur
S'abonner
LIBRARYpro
Avis reçus
Aperçu du contenu
CAS3701
ASSIGNMENT 11 2024
UNIQUE NO.
DUE DATE: 13 SEPTEMBER 2024
, CAS3701
Assignment 11 2024
Unique Number:
Due Date: 13 September 2024
Capstone in Accounting Sciences
QUESTION 1
TASK 1
a) Registration of Non-Facilitator Employees as Taxpayers
Under South African tax law, any individual who earns income, whether through
employment or otherwise, is required to be registered as a taxpayer. According to
Section 1 of the Income Tax Act No. 58 of 1962, individuals earning above the tax
threshold must be registered for income tax. For the 2023/2024 tax year, the annual tax
threshold is R95,750 for individuals below the age of 65. The five non-facilitator
employees each earn a gross salary of R15,000 per month, which amounts to R180,000
per year, well above the tax threshold. Therefore, these employees are required by law
to be registered as taxpayers.
Furthermore, LearnCo. is obligated to withhold Pay-As-You-Earn (PAYE) tax on their
salaries, as stipulated by Paragraph 2(1) of the Fourth Schedule to the Income Tax
Act. This provision mandates employers to deduct tax from any remuneration paid to an
employee. By not deducting PAYE from the salaries of these employees, LearnCo. is
non-compliant with its legal obligations.
In addition, the Tax Administration Act No. 28 of 2011 requires that all taxpayers be
registered and provide a valid tax number. Employers must ensure that employees are
registered with the South African Revenue Service (SARS) and submit the necessary
, information regarding tax deductions, including UIF contributions, which are also a
statutory requirement under the Unemployment Insurance Contributions Act No. 4
of 2002.
b) Recommended Treatment of Employee Salaries
To comply with the relevant tax laws, LearnCo. must rectify its treatment of the non-
facilitator employees' salaries in both its financial and non-financial records:
1. Financial Records:
o The salaries of the non-facilitator employees should be recorded under
employee costs in the income statement and not as general expenses.
The current classification misrepresents the nature of these costs and
could lead to incorrect financial reporting.
o PAYE, UIF, and other applicable deductions must be calculated
retrospectively from the time these employees started receiving their
salaries. This may involve paying backdated tax amounts and penalties if
necessary.
2. Non-Financial Records:
o The non-facilitator employees must be added to the official employee
database in Revolve X, and their salaries should be processed through
the payroll system.
o LearnCo. must assist these employees in registering with SARS for tax
numbers and include them in the regular payroll cycle, ensuring that all
statutory deductions are made correctly.
o This will also ensure compliance with UIF regulations, providing these
employees with the necessary coverage and benefits.
TASK 2
Les avantages d'acheter des résumés chez Stuvia:
Qualité garantie par les avis des clients
Les clients de Stuvia ont évalués plus de 700 000 résumés. C'est comme ça que vous savez que vous achetez les meilleurs documents.
L’achat facile et rapide
Vous pouvez payer rapidement avec iDeal, carte de crédit ou Stuvia-crédit pour les résumés. Il n'y a pas d'adhésion nécessaire.
Focus sur l’essentiel
Vos camarades écrivent eux-mêmes les notes d’étude, c’est pourquoi les documents sont toujours fiables et à jour. Cela garantit que vous arrivez rapidement au coeur du matériel.
Foire aux questions
Qu'est-ce que j'obtiens en achetant ce document ?
Vous obtenez un PDF, disponible immédiatement après votre achat. Le document acheté est accessible à tout moment, n'importe où et indéfiniment via votre profil.
Garantie de remboursement : comment ça marche ?
Notre garantie de satisfaction garantit que vous trouverez toujours un document d'étude qui vous convient. Vous remplissez un formulaire et notre équipe du service client s'occupe du reste.
Auprès de qui est-ce que j'achète ce résumé ?
Stuvia est une place de marché. Alors, vous n'achetez donc pas ce document chez nous, mais auprès du vendeur LIBRARYpro. Stuvia facilite les paiements au vendeur.
Est-ce que j'aurai un abonnement?
Non, vous n'achetez ce résumé que pour 2,63 €. Vous n'êtes lié à rien après votre achat.
