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TAX3701 Assignment 2 (QUALITY ANSWERS) Semester 1 2025

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This document contains workings, explanations and solutions to the TAX3701 Assignment 2 (QUALITY ANSWERS) Semester 1 2025. For assistance whats-app us on 0.6.8..8.1.2..0.9.3.4...

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TAX3701
Assignment 2 Semester 1 2025

Unique number:

Due Date: 17 April 2025

This document includes:

 Helpful answers and guidelines
 Detailed explanations and/ or calculations
 References




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, QUESTION 1

VAT PAYABLE/(REFUNDABLE) CALCULATION

OUTPUT VAT

Description Amount (Excl. VAT Output VAT Notes
VAT) Rate
Sales to SA customers R1,561,800 15% R203,713.04 Bad debt excluded; debtor
(R1,575,000 – R13,200) sequestrated
Sales to Germany R85,000 0% R0.00 Zero-rated export
Bad debt recovered (incl. R18,975 (incl.) 15% R2,475.00 Recovered bad debt incl.
VAT) VAT
Interest on investments R5,780 Exempt R0.00 Financial service
Insurance claim R189,750 N/A R0.00 Not a supply
Rent from DCT Consulting R75,500 15% R11,325.00 Rent of commercial
property
Total Output VAT R217,513.04




INPUT VAT

Description Amount (Excl. VAT Input VAT Notes
VAT) Rate
Steel purchases – SA R935,100 15% R140,265.00 Damaged goods credited
(R950,350 – R15,250)
Bakkie (R425,500 incl. VAT) R369,130.43 15% R55,500.00 Input VAT claimable


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Alta D. Koekemoer, Lizelle Bruwer, S. C. Cass, A. Oosthuizen, Doria Cucciolillo, C. Stedall A Student\'s Approach to Income Tax
Publisher: 2021 ISBN: 9781776177325 Edition: Unknown

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