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Tax3761 ASSIGNMENT 2 2021

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TAX 3761 Assignment 2
Solution
Unique number: 735692

Due date: 20 Aug 2021

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TAX3761 Assignment 2
Date

Question 1
Calculation of Gift's net normal tax for the year of assessement ending 28 Febbruary 2021
R R
Salary 600 000
Commission 1 200 000
Entertainment allowance 18 000
Entertainment expenses -18 000 -
Low interest loan from employer (300000-100000)*(3,5%-2,5%) 2 000
Travelling allowance 240 000
Deemed cost per km
Fixed cost (169552/28000*100) 605,5c
Fuel cost 175,1c
Maintanace 96,6c
Total cost per km 877,2c

Actual costs
Depreciation (560000*1,15/7) 92 000
Fuel 36 400
Capital payment -
Toll fees 21 000
Finance charge 8 000
Replacement of tyres 24 000
Maintanace -covered by the plan -
Cleaning 6 000
Total vehicle costs 199 400
Actual costs per km(199400/28000*100) 712,1c

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