TAX2601 Assignment 4 Semester 1
2023
100%
,
, 3
MENU
On 1 February 2023, Ubuntu (Pty) L td acquired a new machine for R800 000. The machine was brought into use the same day in a process of
Dashboard /Calculate
manufacture. Coursesthe
/ capital
UNISA allowance
/ 2023 /to Semester 1 by
be claimed / Ubuntu
TAX2601-23-S1
(Pty) L td/ onTAX2601 Homefor
this machine P aincome
ge / Assessment 4 for the 2023 year of
tax purposes
assessment ending 28 February. Assume Ubuntu (Pty) L td is not a Small Business Corporation, as defined in the Act.
a. R320 000
b. R800 000
c. R160 000
d. R26 667
Question 4
Complete
Mark 1.00 out of 1.00
The following are the transactions of Bhekisizwe for the current year of assessment ended 28 February 2023:
Gross income R945 764
Deductions and allowances R667 865
What is Bhekisizwe's normal tax liability for the 2023 year of assessment, assuming this is a normal company (not a micro business or small
business corporation as defined)?
a. R75 033
b. RNil
c. R13 065
d. R77 812
Question 5
Complete
Mark 1.00 out of 1.00
Ngwenya (Pty) L td has a gardening maintenance contract with Green Fingers C C to maintain its corporate headquarters yard. The terms of
the contract are that the contract is paid in advance on an annual basis. Ngwenya (Pty) L td made the payment of R140 000 on 1 January
2023 to cover the period 01 January to 31 December 2023. Determine the amount that is deductible by Ngwenya (Pty) L td for its year of
assessment ending 28 February 2023. Assume this is the only prepayment that was made by Ngwenya (Pty) L td for the 2023 year of
assessment.
a. R140 000
b. R116 667
c. R23 333
d. R nil
, 2/14
Stuvia.com - The study-notes marketplace
6
MENU
On 1 February 2023, Ubuntu (Pty) L td acquired a second-hand machine for R750 000. The machine was brought into use the same day in a
Dashboard
process / Courses Calculate
of manufacture. / UNISAthe / allowance
2023 / Semester 1 / Tby
to be claimed AX2601-23-S1
Ubuntu (Pty) L/ td
TAX2601
on this Home P afor
machine ge the
/ Assessment
2023 year of4assessment ending
28 February 2023. Assume Ubuntu (Pty) L td is not a Small Business Corporation, as defined in the Act.
a. R12 500
b. R300 000
c. R150 000
d. R Nil
Question 7
Complete
Mark 1.00 out of 1.00
Which one of the following is not true of a micro business?
a. A micro business is taxed at a very low rate.
b. A micro business is taxed on a turnover basis.
c. A micro business is not required to keep a record of expenses.
d. A micro business is taxed on a receipt basis and the accrual basis.
Question 8
Complete
Mark 1.00 out of 1.00
Ngwenya (Pty) L td purchased a trademark called Nix on 1 November 2022 and a patent called Tix on 1 December 2022. The trademark cost
was R700 000 and the cost of the patent was R650 000. Calculate the deduction or allowance available to Ngwenya (Pty) L td for the year of
assessment ending 28 February 2023.
a. Trademark R11 667 P atent R8 125
b. Trademark R0 P atent R32 500
c. Trademark R0 P atent R8 125
d. Trademark R35 000 P atent R32 500
2023
100%
,
, 3
MENU
On 1 February 2023, Ubuntu (Pty) L td acquired a new machine for R800 000. The machine was brought into use the same day in a process of
Dashboard /Calculate
manufacture. Coursesthe
/ capital
UNISA allowance
/ 2023 /to Semester 1 by
be claimed / Ubuntu
TAX2601-23-S1
(Pty) L td/ onTAX2601 Homefor
this machine P aincome
ge / Assessment 4 for the 2023 year of
tax purposes
assessment ending 28 February. Assume Ubuntu (Pty) L td is not a Small Business Corporation, as defined in the Act.
a. R320 000
b. R800 000
c. R160 000
d. R26 667
Question 4
Complete
Mark 1.00 out of 1.00
The following are the transactions of Bhekisizwe for the current year of assessment ended 28 February 2023:
Gross income R945 764
Deductions and allowances R667 865
What is Bhekisizwe's normal tax liability for the 2023 year of assessment, assuming this is a normal company (not a micro business or small
business corporation as defined)?
a. R75 033
b. RNil
c. R13 065
d. R77 812
Question 5
Complete
Mark 1.00 out of 1.00
Ngwenya (Pty) L td has a gardening maintenance contract with Green Fingers C C to maintain its corporate headquarters yard. The terms of
the contract are that the contract is paid in advance on an annual basis. Ngwenya (Pty) L td made the payment of R140 000 on 1 January
2023 to cover the period 01 January to 31 December 2023. Determine the amount that is deductible by Ngwenya (Pty) L td for its year of
assessment ending 28 February 2023. Assume this is the only prepayment that was made by Ngwenya (Pty) L td for the 2023 year of
assessment.
a. R140 000
b. R116 667
c. R23 333
d. R nil
, 2/14
Stuvia.com - The study-notes marketplace
6
MENU
On 1 February 2023, Ubuntu (Pty) L td acquired a second-hand machine for R750 000. The machine was brought into use the same day in a
Dashboard
process / Courses Calculate
of manufacture. / UNISAthe / allowance
2023 / Semester 1 / Tby
to be claimed AX2601-23-S1
Ubuntu (Pty) L/ td
TAX2601
on this Home P afor
machine ge the
/ Assessment
2023 year of4assessment ending
28 February 2023. Assume Ubuntu (Pty) L td is not a Small Business Corporation, as defined in the Act.
a. R12 500
b. R300 000
c. R150 000
d. R Nil
Question 7
Complete
Mark 1.00 out of 1.00
Which one of the following is not true of a micro business?
a. A micro business is taxed at a very low rate.
b. A micro business is taxed on a turnover basis.
c. A micro business is not required to keep a record of expenses.
d. A micro business is taxed on a receipt basis and the accrual basis.
Question 8
Complete
Mark 1.00 out of 1.00
Ngwenya (Pty) L td purchased a trademark called Nix on 1 November 2022 and a patent called Tix on 1 December 2022. The trademark cost
was R700 000 and the cost of the patent was R650 000. Calculate the deduction or allowance available to Ngwenya (Pty) L td for the year of
assessment ending 28 February 2023.
a. Trademark R11 667 P atent R8 125
b. Trademark R0 P atent R32 500
c. Trademark R0 P atent R8 125
d. Trademark R35 000 P atent R32 500
