BEL 300 Revision Lecture

What is Thandi’s capital gain/loss in respect of the disposal of the sewing machine?    

• A. R341,87

• B. R2 028, 64

• C. R2 113, 38

• D. R4 948, 46

• E. None of the above

What amount will be included as gross income in Vusi’s 2024 year of assessment (in other words, what amount is subject to tax in Vusi’s last assessment)?

• A. R0, the beneficiaries will be taxed on the amounts paid out to them

• B. R520 000

• C. R1 040 000

• D. R1 560 000

• E. None of the above

Identify the normal tax consequences for Aalia with regard to the cell phone allowance and business use.

• A. The cell phone allowance is not included in Aalia’s taxable income as it is a zero-value benefit.

• B. The cell phone allowance is not included in Aalia’s taxable income as it is a reimbursive allowance.

• C. The cell phone allowance is included in Aalia’s taxable income. Aalia may not claim a deduction of the costs for business use.

• D. The cell phone allowance is included in Aalia’s taxable income. Aalia may claim a deduction of the costs for business use.

• E. The cell phone allowance is not included in Aalia’s taxable income as it is not a travel , subsistence- or public officer allowance.

4. Clarinda Sishi: Which statement or combination of the following statements is correct?

• A. (i) only

• B. (iii) only

• C. (i) and (iv)

• D. (ii) and (iii)

• E. (ii) and (iv)

The expenses which can be claimed as a tax deduction by Brown (Pty) Ltd for the 2024 year of assessment amount to:  

• A. R0

• B. R481 250

• C. R491 250

• D. R624 030

Q2 Point 1:

What is the write off % of the machine purchased for the 2024 YOA?

• 0%

• 20%

• 25%

• 40%

• 100%

Q2 Point 1:

What is the Rand amount write off for the delivery vehicle in the 2024 YOA?

• R46 875

• R112 500

• R225 000

• R450 000

Q2 Point 2:

What is the yield to maturity %?

• 0%

• 5.48%

• 7.32%

• 30.64%

Q2 Point 2:

What are the number of days from 1 June 2024 to 31 October 2024?

• 152

• 153

• 154

• 155

Q2 Point 3:

How much of the lease expenses is deductible in the 2024 YOA?

• R220 000

• R120 000

• R100 000

• R0