Q1 Mary has the free use of a house (6 rooms) which are rented by the company she works for. The company pays R15 300 rent per month. The company pays all cost relating to the house and the house is fully furnished. Mary remuneration for the previous year of assessment was R900 000 and used the house for the full year of assessment. YOU ARE REQUIRED to calculate the taxable benefit that needs to be included in Mary's gross income for the current year of assessment

Select one: a. R183 600 b. R153 663 c. R29 938 d. R171 000

Q2 Anton Milton borrowed R58 000 from his employer on 1 August 2022 at an interest rate of 4.8%. The official interest rate is 7.1%. Anton has not paid back any amount by the end of the current year. YOU ARE REQUIRED to calculate the taxable benefit that needs to be included in Anton's gross income for the current year of assessment. (Rounded to the nearest rand).

Select one: a. R778 b. R1 624 c. R2 402 d. R1 334

Q3 Precious Nxumalo is a director and shareholder of a private company (Precious has an interest in the accommodation provided by the company). Precious has the free use of a house (rented by the company), which consists of 5 rooms. It costs the company R5 950 per month to rent it. Preciouss remuneration proxy for the previous year of assessment was R500 000. Precious pays the electricity and water account each month. A total of R8 560 was paid in this regard during the current year of assessment. The house is made available to Precious unfurnished. YOU ARE REQUIRED to calculate the taxable fringe benefit from the residential accommodation assuming she utilized the house for the full year of assessment.

Select one: a. R71 400 b. R13 600 c. R85 000 d. R69 488

Q4 Lucy works for Gene Future Holdings. She has been an employee of Gene Future Holdings for 12 years. During the current year Lucy received the right to use Gene Future Holdings vehicle for four months. Gene Future Holdings bought the vehicle in the current year for R444 000 including VAT. The purchase price includes a maintenance plan. Gene Future Holdings is responsible for the maintenance of the motor vehicle. YOU ARE REQUIRED to determine the taxable benefit from the private use of the motor vehicle that needs to be included in Lucys gross income for the current year of assessment.

Select one: a. R186 480 b. R173 160 c. R62 160 d. R57 720

Q5 Bandile Mkhize received a travelling allowance of R20 000 a month. Bandile does not keep accurate records of expenses, but he keeps accurate records of actual business distances travelled. He travelled 23 100 business km and 10 700 private km during the current year of assessment with his own vehicle. Bandile, drives a V Wagon which he purchased for R800 000 (including VAT). YOU ARE REQUIRED to calculate the total kilometres travelled for the current year of assessment.

Select one: a. 10 700 km b. 33 800 km c. 12 400 km d. 23 100 km

Q6 Siyabonga Xaba was sent to Durban for business purposes for a period of seven days during the year of assessment. A daily allowance of R500 was paid to him to cover his costs in respect of meals and incidental costs. Simon did not keep a record of his business expenses. YOU ARE REQUIRED to calculate the taxable portion of Siyabongas subsistence allowance.

Select one: a. R3 451 b. R3 500 c. Rnil d. R49

Q7 IB went on a business trip to Port Elizabeth, in the Eastern Cape for 5 days. He received a subsistence allowance of R2 500 from his employer. On his return from the business trip, he could only prove that he spent R2 000 for meals and incidental costs. The taxable portion of the subsistence allowance is:

Select one: a. R1 740 b. R35 c. R260 d. R2 000

Q8 Ehle received a free refreshment from her employer outside the premises of the employer. Choose the taxable fringe benefit that will be included in Ehles taxable income?

Select one: a. Cost that the employer and employee can agree on. b. There is no taxable fringe benefit as it is a free refreshment. c. Cost the employee can afford. d. Cost of the refreshment to the employer.