TAX3702 Assignment 5 Semester 2 2022

TAX3702: Assignment 5 , 2021 – ECP students ONLY DUE DATE is 12 July 2021 +83 This document is for comparison and research purposes only. No part of this document can be submitted as personal work or duplicated without written permission from author This study source was downloaded by from CourseH on :46:07 GMT -05:00 This study resource was shared via CourseH 3 Question 1 A Salary Commission 83500 Accumulated Leave pay 20000 Entertainment Allowance 7500 Actual business expenses -7800 0 Commision received 83500 Employer Providend Fund Contribution(0,55 *28800) 15840 Printer Market value 4500 Amount Paid -1000 Benefit 3500 Travel Allowance received(5x5000) 25000 Less business Travel(4,24 x 7010=29722,40) but limited to actual allowance received Use of a Motor vehicle Private km 37438 Business km(4531+2479) 7010 Total km 44448 Determined value of the car Deemed Cost Fixed Cost(10211/4448) 2, Fuel 1,38 Repairs 0,564 Deemed Cost 4, Actual Costs Insuarance Premiums and licence fee Depreciation(/7) 53571,42857 Fines – prohibited (1) s23 0 Mantainace(876+231) 1107 Fuel(14400+11600) 26000 Total acutal cost 80678,42857 Total Actual Cost per Km(80678,43/44448) 1, Taxable income: Employer Providend Fund Contribution(28800+15840) 44640 Retirement annuity fund contributions 60000 Retirement annuity fund once off contributions 25000 This study source was downloaded by from CourseH on :46:07 GMT -05:00 This study resource was shared via CourseH 3 Percentage limit: higher of Remuneration: (27.5% x)) ,8 Deduction limited to the lesser of: R350 000, or R,8 Thus allow Actual -,00 Taxable income less Commission(-83500) Tax (67144+0,31(-)) 90424,69 Tax on commisssion(83500x0,25) 20875 Less Primary Rebate -14958 Medical scheme fees tax credit [R310 x 12 months] -3720 Tax Payable 92621,69 1.B Remunaration Royalties on book written 15900 Employer Providend Fund Contribution(0,55 *28800) 15840 Rent Income(2500*12) 30000 Interest payments on bond(18/230 x 88000) -6886,96 23113,04 Married In community of property(23113,04/2) 11556,52 Printer Market value 4500 Amount Paid -1000 Benefit 3500 Travel Allowance received(5x5000) 25000 Less business Travel(4,24 x 7010=29722,40) but limited to actual allowance received Use of a Motor vehicle Private km 37438 Business km(4531+2479) 7010 Total km 44448 Determined value of the car Deemed Cost Fixed Cost(10211/4448) 2, Fuel 1,38 Repairs 0,564 Deemed Cost 4, Actual Costs Insuarance Premiums and licence fee Depreciation(/7) 53571,42857 This study source was downloaded by from CourseH on :46:07 GMT -05:00 This study resource was shared