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  • University Of South Africa (Unisa)
  • TAX3701 - Taxation Of Business Activities
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Tax3701 Assignment 2 Semester 1 Of 2022

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TAX3701 - Taxation Of Business Activities
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Tax3701 assignment 2 Semester 1 of 2022




BONTLEFELA (PTY) LTD




Calculation of the normal tax liability for the year of assessment ended 30 April 2022

Sales [2 800 900 + (36 800 - 36 800 x 15/115 ) + 23 000] 2 855 900

Foreign dividends 179 000
Less foreign dividend exemption (179 000 x 8/28) (51 143) 127 857

Interest income 32 000

Machine JKN
Cost 384 000
Section 12C allowances: 2020 (384 000 x 20%) (76 800)
: 2021 (384 000 x 20%) (76 800)
: 2022 (384 000 x 20%) (76 800) (76 800)
Tax value 153 600

Selling price 140 000
Tax value (153 600)
Scrapping allowance (13 600) (13 600)

Machine NEO: s12C allowance (480 000 + 24 000 + 62 000) x 40% (226 400)

Purchases (19 200 x 16,25) (312 000)

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