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4 Leak Detect & Plumbing Lid (LDP) is a company with a financial year ending on 31 March each year and a registered value added tax (VAT) vendor. LDP entered into the following transactions for the 2016 year of assessment. All transactions (unless otherwise stated) took place between vendors and the company is in possession of all the necessary documentation. All amounts are stated inclusive of VAT where applicable. 1. Sales of services totalling R12,000,000. 2. An insurance receipt of R200,000 for a motor vehicle which was stolen and R50,000 for the equipment which was in the vehicle at the time of its theft. 3. Purchase of a new motor vehicle for R315,000. The insurance proceeds were used to acquire this vehicle and the balance was financed. Interest charged for the year on the balance financed amounted to R9,000. 4. Fuel for LDP's fleet of company vehicles totalling R50,000. 5. Bad debts written off of R35,000. 6. Bad debts recovered of R10,000. 7. Year-end staff function costing R65,000. 8. Wages and salaries totalling R2,400,000. 9. LDP has a standing agreement with a local taxi company to drive its employees working after-hours shifts home at the end of the shift. The amount paid to the taxi company for the year amounted to R40,000. 10. Purchase of new leak detection equipment and gas for leak detection amounting to R92,000. 1 1. Miscellaneous tools and consumables costing R72,000. 12. Bank charges on bank accounts of R5,000. 13. Plumbing association fees of R20,000 and the managing director's rugby club association fee of R3,000. Required: (a) Calculate the input value added tax (VAT) and output VAT arising from each of the transactions (1) to (13). Note: You should format your answers in two columns labelled "Input VAT' and "Output VAT' and indicate by the use of zero (0) any item which does not result in either input VAT or output VAT. (8 marks) (b) State when Leak Detect & Plumbing Ltd should file its VAT return, if it is a category C (i.e. monthly) VAT vendor and files its returns electronically. (1 mark) (c) State the penalties which will be imposed if a VAT return is filed late and payment is made late. (1 mark) (10 marks)3 Due to ill health, Prince Zulu has started to liquidate a number of his assets, both business and personal. The following disposals took place during the 2016 year of assessment: 1. He disposed of his 25% equity interest in Ncube & Associates (Pty) Lid (Ncube), a small business corporation. Prince was one of the founding shareholders of Ncube and his shares originally cost R200,000. His shares were sold to the company's other shareholders at their market price of R2,500,000. The assets in Ncube have a total market value of less than R10 million. Prince has made no previous disposals of shares in a small business corporation. 2. He sold his 12-metre yacht for R2,000,000. Prince had purchased the yacht eight years previously for R2,200,000. 3. He donated his art collection, valued at R350,000, to a public benefit organisation. The art collection had been purchased for a total base cost of R80,000. 4. He sold his primary residence for R5,000,000. Prince had purchased the property six years previously for R3,500,000. He had used 5% of the property for a home office (which was accepted by the Commissioner for the purpose of income tax). Prince has an assessed capital loss carried forward from the 2015 year of assessment of R30,000, of which R20,000 is an assessed capital loss on a transaction with a connected person. None of the above transactions have been entered into with that connected person. Required: (a) Calculate the capital gain or capital loss arising from each of the disposals (1) to (4) after applying any specific exclusion. Give a brief explanation of any capital gain or capital loss which you have treated as disregarded. (7 marks) (b) Calculate the taxable capital gain or assessed capital loss which Prince Zulu can carry forward for the 2016 year of assessment. (3 marks) (10 marks)2 Teresa is employed by a large company, which offers her a comprehensive employment package. For the 2016 year of assessment, her package consisted of the following: 1. A cash salary amounting to R40,000 per month. 2. The use of a company motor car. The car cost R430,000 (including VAT) when purchased by the company on 1 March 2014. For the first year, the car was used by the sales director before its use was transferred to Teresa on 1 March 2015. Teresa travels for business purposes and 12,000 km of the 18,000 km travelled for the 2016 year of assessment were for business purposes. The car is still under a maintenance plan. Based on the log book and the total fuel expense, the company requires its employees to pay for private fuel. This formula resulted in Teresa paying her employer R9,360 in the 2016 year of assessment. 3. On her 50th birthday during the year and marking 25 years of service to the company, her employer gave Teresa an award of a bracelet purchased for R12,000. In addition, Teresa was permitted to stay rent free in the company holiday cottage on the West Coast for five days. The cottage is normally rented for R2,000 per day. 4. Teresa contributes R5,000 per month to her medical aid scheme. This is in respect of Teresa, her husband and two minor children. Employees tax of R1 10,000 was withheld by Teresa's employer for the 2016 year of assessment. Required: (a) Calculate the addition to Teresa's taxable income for the 2016 year of assessment as a result of the fringe benefits in (2) and (3) above. (6 marks) (b) Calculate the medical aid contribution rebate available to Teresa as a tax credit for the 2016 year of assessment based on the information in (4) above. (1 mark) (c) Calculate Teresa's income tax liability for the 2016 year of assessment, assuming she does not qualify for any additional medical expense tax credit. (3 marks) (10 marks)Section B - ALL SIX questions are compulsory and MUST be attempted Please write your answers to all parts of these questions on the lined pages within the Candidate Answer Booklet. Make Lid is not a small business corporation. It is registered for value added tax (VAT) but calculates all VAT consequences separately. The following information is relevant to Make Lid for its year of assessment ended 31 March 2016. All amounts exclude VAT where applicable. 1. Machine A Machine A, a large manufacturing machine, was sold for R880,000 on 15 January 2016. Machine A had originally cost R650,000 when purchased new on 1 August 2014 and had been used in a process of manufacture. 2. Machine B and Machine C Spare parts for Machine B were acquired for R350,000 on 20 November 2014. During the year of assessment ended 31 March 2016, Machine C broke down and one of the spare parts acquired for Machine B, with a cost of R40,000, was used to repair Machine C. 3. Machine D Machine D was sold for R250,000 to a related company, when its market value was R750,000. Machine D had originally been acquired second-hand for R800,000 on 1 December 2013 and had been used in a process of manufacture. Required: (a) With respect to Make Ltd for its year of assessment ended 31 March 2016: (1) Calculate any recoupment or scrapping allowance on the disposal of Machine A. (3 marks) (ii) Calculate the income tax effects of holding and using the spare parts for Machine B. (1 mark) (ii) Calculate any recoupment or scrapping allowance on the disposal of Machine D. (3 marks) (b) Recalculate your answers to parts (i) and (iii) above on the basis that Make Ltd was classified as a small business corporation, giving a brief explanation as to why the revised answer is either the same or different from the original answer. (3 marks) (10 marks)