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TAX2601 ASSESSMENT 6 SEM 2 OF 2024 EXPECTED QUESTIONS AND SOLUTIIONS
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THIS DOCUMENT CONTAINS CAREFULLY WORKED OUT TAX2601 ASSESSMENT 6 SEM 2 OF 2024 EXPECTED QUESTIONS AND SOLUTIONS
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QUIZAssessment 6
Started on Saturday, 11 November 2023, 7:21 AM
State Finished
Completed on Saturday, 11 November 2023, 9:34 AM
Time taken 2 hours 13 mins
Marks 78.00/95.00
Grade 82.11 out of 100.00
Question 1 Which of the following is correct with regards to Partnerships?
Complete
M ark 1.00 out of a. A partnership is a separate legal enity and is a separate taxpayer.
1.00
b. A partner's tax liability is calculated by using the tax tables of the partnership.
Flag question
c. A partnership pays taxes for the partners in the business as it is a business on its own.
d. A partner in a partnership is assessed separately from the partnership.
Question 2 Ngwenya (Pty) Ltd leases a one-bedroom flat in Durban for a one-year period from 1 August 2022 to 31 July 2023
Complete for its employees who must travel from other locations to work in Durban for extended periods of time. The
company paid the annual rental of R120 000 in advance on 1 August 2022. How much is deductible by Ngwenya
M ark 2.00 out of
(Pty) Ltd in determining its taxable income for the year of assessment ended 28 February 2023.
2.00
Flag question
a. R nil
b. R70 000
c. R50 000
d. R120 000
Question 3 Assume the following taxpayer information: The taxpayer is a South African manufacturing company (not a small
Complete business corporation as defined) with a 31 March 2023 year of assessment. Calculate the base cost for purposes of
capital gains tax for the office building BELOW. Assume paragraph 26 of the 8th Schedule applies.
M ark 3.00 out of
3.00
Flag question
a. R1 450 000
b. R1 475 000
c. R1 825 000
d. R1 800 000
Which of the following is true with regards to a company?
a. A company is not a separate legal entity and is not a separate taxpayer from its shareholders.
b. The term company includes a foreign partnership as these are businesses
, c. A company is a separate legal entity and is a separate taxpayer from its shareholders.
Question 4
Complete
d. The term company exclude a close corporation and cooperatives
M ark 1.00 out of
1.00
Flag question
Question 5 Assume the following taxpayer information: The taxpayer is a South African manufacturing company (not a small
Complete business corporation as defined) with a 31 March 2023 year of assessment. Calculate the recoupment on the
disposal of the machine BELOW.
M ark 3.00 out of
3.00
Flag question
a. R352 000
b. R647 000
c. R295 000
d. R207 000
Question 6 Bhekisizwe (Pty) Ltd is a property management company that manages rental properties on behalf of its clients, i.e
Complete rental is collected from the tenants and paid over to the clients of the company (the owners of the properties).
M ark 1.00 out of Calculate the normal tax liability of Bhekisizwe (Pty) Ltd for the year of assessment ended 31 January 2023
1.00 assuming the gross income of the company is R654 200, it has incurred tax deductible expenditure of R317 400 and it
Flag question
is not a small business corporation or a micro business.
a. R94 304
b. R90 936
c. R336 800
d. R183 176
Question 7 The year of assessment of Bhekisizwe (Pty) Ltd ends on 31 December. On which date does the company have to
Complete make its first provisional tax payment for the 2023 year of assessment?
M ark 1.00 out of
1.00 a. 30 June 2023.
Flag question b. 31 December 2023.
c. 31 December 2022.
d. 30 June 2022.
Question 8 Ngwenya (Pty) Ltd in December 2022, sponsored a national weightlifting championship with branded equipment
Complete (displaying their logo) worth R240 000. How much can Ngwenya (Pty) Ltd deduct from its income for the year of
assessment ended 28 February 2023.
M ark 2.00 out of
2.00
Flag question a. R24 000
b. R240 000
c. R120 000
d. R nil
Question 9 Ngwenya (Pty) Ltd advertises its products on television. It pays a premium once a year. On 1 July 2022 it paid R880
Complete 000 for advertisements that will be aired until 30 June 2023. How much is deductible by Ngwenya (Pty) Ltd in
determining it's taxable income for the year of assessment ended 28 February 2023.
M ark 2.00 out of
2.00
Flag question a. R nil
b. R586 667
c. R100 000
, d. R880 000
Question 10 On 31 October 2021 Ubuntu (Pty) Ltd acquired and brought into use a new (unused) manufacturing machine for
Complete R690 000. On 1 December 2022, the company incurred moving costs of R70 000 to get the machine moved from its
Johannesburg branch to its Durban branch. Calculate the total capital allowance to be claimed by Ubuntu (Pty) Ltd
M ark 0.00 out of
on the machine for the 2023 year of assessment ending 28 February. Assume Ubuntu (Pty) Ltd is not a Small
2.00
Business Corporation, as defined in the Act.
Flag question
a. R304 000
b. R152 000
c. R161 333
d. R180 000
Question 11 Bhekisizwe (Pty) Ltd’s year of assessment ends on 28/29 February. The company must make a second provisional
Complete payment for the 2023 year of assessment.
M ark 1.00 out of What is the latest date on which this payment must be made?
1.00
Flag question a. 31 August 2022.
b. 28 February 2022.
c. 31 August 2023.
d. 28 February 2023.
Question 12 On 1 February 2022, Ubuntu (Pty) Ltd acquired a new machine for R2 100 000. The machine was brought into use
Complete the same day in a process of manufacture. The machine was totally destroyed during a flash flood after heavy rains
in December 2022. The insurance company indemnified Ubuntu to an amount of R1 950 000 on 1 February 2023.
M ark 2.00 out of
Calculate any recoupment or scrapping allowance for Ubuntu (Pty) Ltd on this machine for the 2023 year of
2.00
assessment ending 28 February. Assume Ubuntu (Pty) Ltd is a Small Business Corporation, as defined in the Act.
Flag question
a. R1 530 000 recoupment
b. R1 950 000 recoupment
c. R1 110 000 recoupment
d. R(150 000) scrapping allowance
Question 13 Bhekisizwe (Pty) Ltd would like to know if they qualify as a small business corporation. You are provided with the
Complete following information. The gross income for the 2020 (their first year of trade) was R1,7 million. Grace and Joy (two
sisters) and Bhek (Pty) Ltd are the only shareholders of the company. Joy owns 5 000 shares in a company listed on
M ark 1.00 out of
the Johannesburg Stock Exchange. The company has no investment income.
1.00
Flag question
On what grounds does Bhekisizwe (Pty) Ltd not qualify as a small business corporation?
a. Bhekisizwe (Pty) Ltd is a company.
b. Bhek (Pty) Ltd is a shareholder.
c. The company has no investment income.
d. Joy owns shares in a listed company.
Question 14 Ngwenya (Pty) Ltd insures its trading assets on an annual basis. It pays a premium once a year that covers the
Complete period from 1 October to 30 September. On 1 October 2022 it paid R150 000 as a premium on the insurance cover
of its trading assets to 30 September 2023. How much is deductible by Ngwenya (Pty) Ltd in determining it's taxable
M ark 2.00 out of
income for the year of assessment ended 28 February 2023.
2.00
Flag question
a. R100 000
b. R62 500
c. R150 000
d. R nil
Question 15 Assume the following taxpayer information: The taxpayer is a South African manufacturing company (not a small
Complete business corporation as defined) with a 31 March 2023 year of assessment. Calculate the "20% rule" with regards to
, M ark 0.00 out of establishing a valuation date value as at 1 October 2001 for purposes of capital gains tax for the factory BELOW.
3.00
Flag question
a. R182 400
b. R585 060
c. R204 000
d. R160 800
Question 16 Bhekisizwe Trust trades in rental properties and has taxable income of R582 000 for the 2023 year of assessment.
Complete Calculate the tax liability of the trust for the 2023 year of assessment.
M ark 1.00 out of
1.00 a. R162 960
Flag question b. R104 760
c. R261 900
d. R157 140
Question 17 A fire occurred at Ngwenya (Pty) Ltd's warehouse on 15 September 2022, trading stock with a value of R580 000
Complete was destroyed. On 20 January 2023, the insurance company awarded the company R310 000 for the loss of this
trading stock. How much can Ngwenya (Pty) Ltd deduct for tax purposes relating to the insured stock for the year
M ark 2.00 out of
of assessment ended 28 February 2023.
2.00
Flag question
a. Rnil
b. R310 000
c. R580 000
d. R270 000
Question 18 Ngwenya (Pty) Ltd manufactures vehicles. During the year of assessment the company incurred the following costs
Complete to manufacture one vehicle: Production costs = R2 950 000 Testing costs to get the vehicle roadworthy = R94 000
Delivery truck traffic fine - wornout windshield wipers = R1 800 Transportation costs to the warehouse = R28 000
M ark 2.00 out of
What is the cost of this trading stock item for valuation purposes?
2.00
Flag question
a. R3 044 000
b. R3 073 800
c. R3 072 000
d. R2 978 000
Ngwenya (Pty) Ltd incurred some research and development costs. The research and development was approved
by the Minister of Science and Technology under section 11D(9) on 30 June 2022. The following expenses relating to
this research were incurred during the 2023 year of assessment: Computer equipment purchased for R1 500 000 was
brought into use on 1 September 2022 for the purposes of this research. Research consumables for this project were
purchased on 31 May 2022 for an amount of R390 000. Salaries of R800 000 were paid to research personnel on 31
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