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1 . The income of a taxpayer is subject to the applicable tax rate for the taxpayer to calculate their tax liability. True or False
The income of a taxpayer is subject to the applicable tax rate for the taxpayer to calculate their tax liability.
True or False
Mrs Z aged is a resident of SA She received total interest of R for the year of assessment, of which R is from a savings account she holds with a bank in the United Kingdom a nonresident of SA
Select the correct statement or statements from the options below:
a Mrs Z is subject to tax on a source basis in South Africa
b With regard to the foreign interest earned by Mrs Z there is no exemption available to her for the R earned
c Mrs Z can claim an exemption of R in her tax computation for the year of assessment
d Mrs Zs total gross income for the year of assessment is R
e Mrs Zs income for the year of assessment is R
During the year of assessment, Mr T contributed R to a taxfree investment, in addition to reinvesting R of interest and R of dividends that were earned on the investment for the year of assessment. He has not exceeded the lifetime contntiution limit of R
Choose the correct statements from below
A Mr T made total contributions of R in the year of assessment and has therefore exceeded his annual amit of R
B Mr T will be liable to pay additional normal tax calculated at of the excess contributions, which amounts to R x R
C Mr Thas not exceeded his annual contribution limit of R
D The interest R is exempt in terms of s and the dividend R is exempt in terms of sk
E Both the interest R and the dividend R earned from the taxfree investment are exempt under section T
MrQ a South African resident earns a Rand equivalent of R in foreign dividends for the year of assessment, in addition to R in local dividends. The foreign dividends are from a private company in China, in which Mr Q has a shareholding. The local dividends received include an amount of R from a company that is a "REIT as defined.
Select the correct statements from below.
AThe foreign dividend of R is fully exempt
B The foreign dividend is partially exempt. The amount of the exemption is Rcalculated as R x
C The foreign dividend is parmally exempt. The amount of the exemption is Rcalculated as R x
D The local dividends of R are fully exempt
E The local dividends are partially exempt. The amount of the manmpion is Rcarculated as R x
F The local dividends are partially exempt. The amount of the exemphon Rcalculated as RR
Mr X a resident of the Republic receives a pension of R per month from a foreign pension fund, which is in respect of his year employment with a German company Dunng his year employment, he was required to spend a total of months working in Germany with the balance of the time worked in South Africa
Select the correct statement or statements from the options below
A Mr X is required to include R in his grass income.
B Mr X is allowed an exemption of R
C Mr X is allowed an exemption of R
D Mr X will have income of RO after subtracting the exemptions
E Mr X will have income of R after subtracting the exemptions
Mr C and Mrs Cresudents of the Republic are both employed at the same company Mrs C is a receptionist and Mr C is a security guard. The company paid Mrs Ca uniform allowance of R for the year of assessment, as she is required to wear a plain white blouse and a blue skirt every day. Mr C received uniforms valued R for the year of assessment. He is required to wear a monogrammed blue combat shirt, with combat trousers and combat boots
Is the statement below true or false. Mrs C and Mr Care entitled to claim the section nAj exemption for the uniform allowance and the value of the unform respectively. This is because they are required to wear specific uniforms by these employers
True or False
During the year of assessment, Joe was given a bursary form his employer, amounting to R to study an Advanced Diploma course NQF level through a recognised institution, on condition that Joe will repay the bursary if he fails to complete his studies. In addition, Joes employer granted his son a bursary of R for the year of assessment to study at a private high school, Joes son was enrolled in Grade at the time Joes remuneration proxy is R Neither Joe nor his son are disabled. With regard to the bursanes granted, Joes income for the year of assessment is
A R
B
C
D R
E R
Harriet aged a South African resident has the following for the year of assessment
Rental income of R and related expenditure for repairs and maintenance on the rental property amounting to R
Local interest of R::
Local dividends of Rnot from a REIT or controlled company as defined and
Alimony of R from her ex husband
Select the correct statement or statemente from the options below
A There is an exemption available for the R expenditure relating to the rental property
B Hariel can claim R as an interest exemption under s
C The local dividends of R is fully exempt under s
D The alimony amount of R is fully deductible as a general deduction for income tax purposes
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