MENU
Dashboard / My courses / TAX2601-23-S1 / TAX2601 Home Page / Assessment 4
Started on Tuesday, 2 May 2023, 7:05 PM
State Finished
Completed on Tuesday, 2 May 2023, 9:14 PM
Time taken 2 hours 9 mins
Marks 27.00/35.00
Grade 77.14 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Small business corporations qualify for certain tax benefits such as a lower tax rate. Which of the following is not a requirement to qualify as
a small business corporation?
a. None of the shareholders or members, during the year of assessment, hold any shares or have any interest in the equity of any other
company other than certain permitted shareholdings.
b. The gross income for the year of assessment does not exceed an amount equal to R20 million.
c. Investment income and income from a personal service do not make up more than 30% of all the revenue receipts and accruals and
all the capital gains of the company or close corporation.
d. All the shareholders are natural persons.
Question 2
Complete
Mark 0.00 out of 1.00
On 1 February 2023, Ubuntu (Pty) Ltd acquired a new non-manufacturing machine for R1 100 000. The machine was brought into use
immediately. Calculate the capital allowance to be claimed by Ubuntu (Pty) Ltd on this machine for the 2023 year of assessment ending 28
February. Assume Ubuntu (Pty) Ltd is a Small Business Corporation, as defined in the Act.
a. R550 000
b. R330 000
c. R1 100 000
d. R45 833
, Question 3
Complete
Mark 1.00 out of 1.00
MENU
Bhekisizwe (Pty) Ltd is a registered micro business and it has estimated that its taxable turnover for the year of assessment ending 28
Dashboard
February 2023/ My
will courses
be R551 /000.
TAX2601-23-S1 / TAX2601
Calculate the first Home Page
interim payment / Assessment
for the 2023 year of4assessment for Bhekisizwe (Pty) Ltd (due on 31
August 2022).
a. R510
b. R2 670
c. R1 335
d. R255
Question 4
Complete
Mark 1.00 out of 1.00
With regards to micro businesses, which one of the following amounts will not be included in taxable turnover?
a. 100% investment income if the micro business is a company or close corporation
b. Revenue amounts from cash sales
c. 50% of all receipts of a capital nature from the disposal of assets used mainly for business purposes.
d. 100% investment income if the micro business is a natural person
Question 5
Complete
Mark 1.00 out of 1.00
Ngwenya (Pty) Ltd made a restraint of trade payment of R1 900 000 to a retiring employee, Mr Msomi, on 1 January 2023. Mr Msomi was
restrained from competing with the company for two years from the date of the payment. This payment will be included in Mr Msomi's
gross income for his 2023 year of assessment. Calculate how much will be deductible by Ngwenya (Pty) Ltd for the year of assessment
ending 28 February 2023.
a. R633 333
b. R950 000
c. R105 556
d. R158 333
Dashboard / My courses / TAX2601-23-S1 / TAX2601 Home Page / Assessment 4
Started on Tuesday, 2 May 2023, 7:05 PM
State Finished
Completed on Tuesday, 2 May 2023, 9:14 PM
Time taken 2 hours 9 mins
Marks 27.00/35.00
Grade 77.14 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Small business corporations qualify for certain tax benefits such as a lower tax rate. Which of the following is not a requirement to qualify as
a small business corporation?
a. None of the shareholders or members, during the year of assessment, hold any shares or have any interest in the equity of any other
company other than certain permitted shareholdings.
b. The gross income for the year of assessment does not exceed an amount equal to R20 million.
c. Investment income and income from a personal service do not make up more than 30% of all the revenue receipts and accruals and
all the capital gains of the company or close corporation.
d. All the shareholders are natural persons.
Question 2
Complete
Mark 0.00 out of 1.00
On 1 February 2023, Ubuntu (Pty) Ltd acquired a new non-manufacturing machine for R1 100 000. The machine was brought into use
immediately. Calculate the capital allowance to be claimed by Ubuntu (Pty) Ltd on this machine for the 2023 year of assessment ending 28
February. Assume Ubuntu (Pty) Ltd is a Small Business Corporation, as defined in the Act.
a. R550 000
b. R330 000
c. R1 100 000
d. R45 833
, Question 3
Complete
Mark 1.00 out of 1.00
MENU
Bhekisizwe (Pty) Ltd is a registered micro business and it has estimated that its taxable turnover for the year of assessment ending 28
Dashboard
February 2023/ My
will courses
be R551 /000.
TAX2601-23-S1 / TAX2601
Calculate the first Home Page
interim payment / Assessment
for the 2023 year of4assessment for Bhekisizwe (Pty) Ltd (due on 31
August 2022).
a. R510
b. R2 670
c. R1 335
d. R255
Question 4
Complete
Mark 1.00 out of 1.00
With regards to micro businesses, which one of the following amounts will not be included in taxable turnover?
a. 100% investment income if the micro business is a company or close corporation
b. Revenue amounts from cash sales
c. 50% of all receipts of a capital nature from the disposal of assets used mainly for business purposes.
d. 100% investment income if the micro business is a natural person
Question 5
Complete
Mark 1.00 out of 1.00
Ngwenya (Pty) Ltd made a restraint of trade payment of R1 900 000 to a retiring employee, Mr Msomi, on 1 January 2023. Mr Msomi was
restrained from competing with the company for two years from the date of the payment. This payment will be included in Mr Msomi's
gross income for his 2023 year of assessment. Calculate how much will be deductible by Ngwenya (Pty) Ltd for the year of assessment
ending 28 February 2023.
a. R633 333
b. R950 000
c. R105 556
d. R158 333
