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Summary TAX NOV SOLUTION

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TAX3702 QUESTION AND ANSWERS BASED ON THE 2020 SARS TAX CHANGES. UNDERSTAND, PASS, EXCEL WITH THESE PRACTICE QUESTIONS AND ANSWERS.

Institution
University Of South Africa (Unisa)
Course
TAX3702 - Taxation of Individuals (TAX3702)








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Institution
University of South Africa (Unisa)
Course
TAX3702 - Taxation of Individuals (TAX3702)
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January 9, 2020
Number of pages
10
Written in
2019/2020
Type
Summary

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(a) SOLUTION TO QUESTION 1 PART A


RICHARD - 56 years
NET NORMAL TAX FOR THE 2014 YEAR OF ASSESSMENT


Salary ( R) 205 000

Travel allowance ( R)
Allowance 60 000
Less reduction 68 022
Limited to zero (8 022) -
Reduction is greater of:
Actual 46 609
Deemed 68 022

Total kms 9 800
Private kms 1 400
Business kms 8 400

Deemed cost/km
Determined value (cost plus VAT) 260 000

Fixed cost 92 683
Total km/s 9 800
Total days travel allowance was used 245

Fixed cost/km(92 683/9 800)x245/366 6.331
Fuel cost/km 1.248
Maintenance cost/km 0.519
Total cost/km 8.098

Total deemed travel cost (rate x bus kms) 68 022

Actual cost/km

Wear and tear (260000/7)x245/366 24 863
Finance charges (88 000/5)x245/365) 11 814
Insurance premiums 8 200
Fuel costs 9 500
Total cost 54 377

Total cost/km (59 240/9800) 5.549

Total actual cost(rate x bus km) 46 609




Tax 3702 Oct/Nov 2014

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