Exam (elaborations) TAX3701 - Taxation Of Business Activities (TAX3701)

Pretty girl Ltd sells clothing for kids and has a March year end. On 10 March 2022, Mrs.
Zee ordered 25 pink lady dresses at R120 each from the store. The dresses were
completed on 26 March 2022 and Mrs. Zee paid an amount of R1 500 on 26 March
2022. She was only able to pay the outstanding amount of R1 500 on 4 April 2022.
Question
Calculate the amount that will be included in the gross income of Pretty girl Ltd for the
year of assessment ending on 31 March 2022. Which one of the following is correct?




1.
R5 000


2.
R1 500


3.
R3 000


4.
RNil


Question
What is the input tax claimable on the salaries paid to employees?


1.
Rnil - not a supply


2.
Rnil - zero-rated supply


3.
Rnil - denied


4.
Rnil - exempt supply


Question

, What is the output VAT on the indemnity payment for the microwave?




1.
R480


2.
R409


3.
R417


4.
Rnil - VAT denied on input, no VAT on indemnity


Question
What is the output VAT on the credit sales?




1.
R45 652


2.
R74 296


3.
R36 521


4.
R85 440


Question
The taxable turnover of a registered micro business excludes the following. Which one
of the following statements is incorrect?