LSB2605 Assignment 1 (ANSWERS) Semester 2 2023 - DISTINCTION GUARANTEED

Well-structured Well-structured LSB2605 Assignment 1 (ANSWERS) Semester 2 2023 - DISTINCTION GUARANTEED. (DETAILED ANSWERS - DISTINCTION GUARANTEED!). . (DETAILED ANSWERS - DISTINCTION GUARANTEED!). Question 1 Zelda is employed by Speedy Couriers (Pty) Ltd as a delivery driver earning R15,000 per month. Speedy Couriers employs a total of ten delivery drivers and five administrative personnel. 1.1) As what type of legal entity is Speedy Couriers (Pty) Ltd registered? (1) 1.2) Is Speedy Couriers required to register for the skills development levy? Assuming that Speedy Couriers must register, what would its total annual payment be if all delivery drivers were paid the same and the administrative assistants are each paid R10,000 per month? (12) One day, while making a delivery, she slips and falls in a customer's driveway, injuring her back. Zelda needs medical treatment and is unable to work for several weeks. She needs an income during this time and approaches you for advice. 1.3) Is Speedy Couriers required to appoint an occupational health and safety representative? (2) 1.4) Explain the steps that Zelda must take to claim compensation from the Compensation for Occupational Injuries and Diseases Fund. (3) 1.5) Is Zelda able to claim her monthly salary from Speedy Couriers for the period she is unable to work? (2) [20] TOTAL: [20 Marks] b) Assignment 02 ASSIGNMENT 01 Due date: 04 September 2023 You must submit this assignment in time to stay registered for this module and to be admitted to the examination! ASSIGNMENT 02 Due date: 18 September 2023 You must submit this assignment in time in order for your assignment to count towards your final year mark! Please complete all questions and ensure that you submit the correct assignment (i.e. the assignment for the semester you are registered for). Question 1 ABC Electronics is a sole proprietorship that sells electronic gadgets. The business’s total annual turnover is R1,600,000, of which 25% is the cost price of the equipment it stocks. The owner recently hired two employees and wants to ensure that he complies with labour laws. 1.1) With which two bodies must ABC Electronics register as an employer? (2) 1.2) Is ABC Electronics required to withhold taxes on behalf of its employees? Explain ABC’s duties fully. (4) 1.3) Can ABC Electronics deduct employees’ wages from their total revenue to determine their tax liability under the Turnover Tax system? (2) 1.4) Is ABC Electronics eligible to register for turnover tax? (2) 1.5) ABC Electronics pays each of its two employees a total of R20,000 per month and the owner draws a monthly salary of R30,000. Additionally, rental expenses amount to R10,000 per month. Assuming that there are no other expenses, calculate ABC’s annual total tax liability under the corporate income tax system using the 2023/2024 tax rates. (8) 1.6) What would each employee’s individual monthly tax liability be if they were employed by ABC Electronics as casual workers? Calculate their liability in Rand value. (2) [20]