QUESTION 1 (23 marks) Nkululeko (52 years old) is a South African resident. He works for Global Capital (Pty) Ltd as the financial manager and was employed for the full year of assessment. The following information relates to Nkululeko’s 2023 year of assessment: Use of laptop On 1 November 2022, he was provided with the use of a new laptop. He is allowed to use […]
Posted: September 10, 2023
QUESTION 1 (27 marks) Danny (46 years old) lives in Melbourne, Australia, and only holds an Australian passport. Danny has never been an ordinarily resident for South African income tax purposes. Danny works in the renewable energy field and travels worldwide for his renewable energy projects and research. Due to one of Danny’s project and research affiliates being situated in South Africa, he is required […]
Posted: September 6, 2023
Question 1 [34 marks] Read the scenarios below for the year ending 28 February 2023 and answer the following question. A. The following is the income statement of Axe Ltd for the financial year ending 28 February 2023: Sales from services rendered R950 000 Cost of services rendered R400 000 Other operating income R95 000 Exempt income R15 000 Operating expenses R300 000 Non-deductible expenses […]
Posted: August 20, 2023
Irene Moises is ordinarily resident in Kenya. Irene came to South Africa on 01 March 2020 to study Medicine at the University of Pretoria. Irene had never been to South Africa before. Irene stays at the University’s residence, Erica (“Res”) and shares a room with Monica De Wet. On 23 March 2020, the president of South Africa, Cyril Ramaphosa announced that South Africa would be […]
Posted: June 18, 2023
Question 1 [20 marks] Client background: Ester Msimango, a South Africa resident, started working for Bow Transport 6 years ago. Ester failed to submit tax returns for 2020, 2021, and 2022. She only managed to submit her returns in the 2023 (current year) of assessment and has been assessed for a refund by SARS. However, because of outstanding admin penalties Ester cannot be refunded. The […]
Posted: May 18, 2023
QUESTION 1 (42 marks) Mazu Mavuso is a 43-year-old South African resident who was employed by Veg & Fruit Limited, a South African company, until 30 November 2022. On 30 November 2022, Veg & Fruit Limited ceased its operations and the pension fund that Veg & Fruit Limited established for its employees also closed down. The Veg & Fruit Limited pension fund paid out R80 […]
Posted: May 11, 2023
QUESTION 1 (36 marks) Billy Khumalo is a 66-year-old South African resident who received the following income for the period 1 March 2022 to 28 February 2023: A monthly annuity of R22 500 from Golden Investment The capital portion that is calculated in terms of section 10A amounts to R5 100 per monthly annuity. Dividends of R11 000 for shares held […]
Posted: March 28, 2023
Question 1 (52 marks) 1.1:Bongani (aged 69 years) is currently employed by Vick Limited. Monthly salary is R29 166.67, and he earned local interest of R3 250 each quarter, local dividends of R2 750 bi-annual, an annual bonus of R20 000 and he made contributions of R25 000 to the Vick Limited pension fund during the year of assessment. Bongani won R5 500 in the […]
Posted: March 11, 2023
