Question
Gadaffi is 35 years old. At the beginning of the current year of assessment, his employer bought a new vehicle for R433 000 including
Gadaffi is 35 years old. At the beginning of the current year of assessment, his employer bought a new vehicle for R433 000 including VAT. His employer gave him the right to use it. No maintenance plan was included in the purchase cost of the vehicle. He used the vehicle for 9 months in the current year of assessment. The employer is responsible for the services of the motor vehicle and any other wear and tear cost. YOU ARE REQUIRED to determine the taxable benefit from the private use of the motor vehicle that needs to be included in Gadaffi's gross income for the current year of assessment.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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