Mastervincent
HRM3706 SUMMARISED NOTES
TAX1501 EXAM
PACK
FOR ASSISTANCE CONTACT
, lOMoARcPSD|51600623
3 TAX1501/103
CONTENTS
Page
GENERAL........................................................................................................................................4
Learning unit 5...............................................................................................................................5
5.1 Background............................................................................................................................7
5.2 Right of use of motor vehicle ...............................................................................................8
5.3 Meals, refreshments and vouchers................................................................................... 15
5.4 Residential accommodation............................................................................................... 16
5.5 Low-interest loans.............................................................................................................. 19
5.6 Contributions to funds........................................................................................................ 22
5.7 Travel allowance ................................................................................................................ 23
5.8 Subsistence allowance ...................................................................................................... 32
Learning unit 6.
6.1 Background......................................................................................................................... 47
6.2 Taxable income framework ............................................................................................... 49
6.3 Deductions .......................................................................................................................... 50
6.4 Pension fund, retirement annuity fund and provident fund contributions ....................... 51
6.5 Donations to public benefit organisations ......................................................................... 55
Learning unit 7 ............................................................................................................................ 64
7.1 Background......................................................................................................................... 68
7.3 Taxable capital gain or loss............................................................................................... 73
7.4 Proceeds............................................................................................................................. 74
7.5 Base cost .............................................................................................................................75
7.6 Exclusions........................................................................................................................... 90
7.7 Limitation of capital losses ................................................................................................ 96
Downloaded by Vincent kyalo ()
, lOMoARcPSD|51600623
4
1. GENERAL
Please use this document to guide you through the contents of this module.
We wish you every success with your studies in taxation. Make the most of your opportunity
to learn about this dynamic and practical subject. If you work through the module diligently
and practice the examples on your own, then you will be well on your way to successfully
completing this module.
Regards
TAX1501
Downloaded by Vincent kyalo ()
, lOMoARcPSD|51600623
5 TAX1501/103
LEARNING UNIT 5
5
INTRODUCTION
STUDY PROGRAMME
LEARNING OUTCOMES
PRESCRIBED STUDY MATERIAL FOR THIS LEARNING
UNIT
CONTENTS
5.1 Background
5.2 Right of use of motor vehicle
5.3 Meals, refreshments and vouchers
5.4 Residential accommodation
5.5 Low-interest loans
5.6 Contributions to medical and retirement funds
5.7
5.8
Travel allowance
Subsistence allowance
Gross
Income
and
POINT TO PONDER
WRAP-UP
fringe
E-TUTOR ACTIVITY
benefit
SELF-ASSESSMENT QUESTIONS s
Downloaded by Vincent kyalo ()
HRM3706 SUMMARISED NOTES
TAX1501 EXAM
PACK
FOR ASSISTANCE CONTACT
, lOMoARcPSD|51600623
3 TAX1501/103
CONTENTS
Page
GENERAL........................................................................................................................................4
Learning unit 5...............................................................................................................................5
5.1 Background............................................................................................................................7
5.2 Right of use of motor vehicle ...............................................................................................8
5.3 Meals, refreshments and vouchers................................................................................... 15
5.4 Residential accommodation............................................................................................... 16
5.5 Low-interest loans.............................................................................................................. 19
5.6 Contributions to funds........................................................................................................ 22
5.7 Travel allowance ................................................................................................................ 23
5.8 Subsistence allowance ...................................................................................................... 32
Learning unit 6.
6.1 Background......................................................................................................................... 47
6.2 Taxable income framework ............................................................................................... 49
6.3 Deductions .......................................................................................................................... 50
6.4 Pension fund, retirement annuity fund and provident fund contributions ....................... 51
6.5 Donations to public benefit organisations ......................................................................... 55
Learning unit 7 ............................................................................................................................ 64
7.1 Background......................................................................................................................... 68
7.3 Taxable capital gain or loss............................................................................................... 73
7.4 Proceeds............................................................................................................................. 74
7.5 Base cost .............................................................................................................................75
7.6 Exclusions........................................................................................................................... 90
7.7 Limitation of capital losses ................................................................................................ 96
Downloaded by Vincent kyalo ()
, lOMoARcPSD|51600623
4
1. GENERAL
Please use this document to guide you through the contents of this module.
We wish you every success with your studies in taxation. Make the most of your opportunity
to learn about this dynamic and practical subject. If you work through the module diligently
and practice the examples on your own, then you will be well on your way to successfully
completing this module.
Regards
TAX1501
Downloaded by Vincent kyalo ()
, lOMoARcPSD|51600623
5 TAX1501/103
LEARNING UNIT 5
5
INTRODUCTION
STUDY PROGRAMME
LEARNING OUTCOMES
PRESCRIBED STUDY MATERIAL FOR THIS LEARNING
UNIT
CONTENTS
5.1 Background
5.2 Right of use of motor vehicle
5.3 Meals, refreshments and vouchers
5.4 Residential accommodation
5.5 Low-interest loans
5.6 Contributions to medical and retirement funds
5.7
5.8
Travel allowance
Subsistence allowance
Gross
Income
and
POINT TO PONDER
WRAP-UP
fringe
E-TUTOR ACTIVITY
benefit
SELF-ASSESSMENT QUESTIONS s
Downloaded by Vincent kyalo ()
