QUESTION $1$

PART B $(14$ marks, $25$ minutes$)$

The accountant of TF provided you with the following information to determine the provisional tax payments and the outstanding normal tax liability as at $31$ January $2022$:

$\backslash$table$[[$Year of assessment,$\backslash$table$[[$Taxable income reflected on the ITA$34$C$],[$Income Tax Notice of Assessment$]],\backslash$table$[[$Date of ITA$34$C$],[$assessment$]]],[2019,$R$1713800,15$ July $2019],[2020,$R$1958300,19$ July $2021],[2021,$R$1425600,$November $2021],[2022,$Note $1,$Not yet assessed$]]$

Note $1$:

On $15$ January $2022,$ the accountant estimated the taxable income of TF at R$2325800$ for the $2022$ year of assessment. Excluded from this estimated taxable income is a net capital gain of R$334875$ that was realised with the disposal of listed shares on $17$ January $2022.$

$\backslash$table$[[$REQUIRED:$,$MARKS$],[\backslash$table$[[$Calculate the minimum amount of the first and second provisional tax payments of Toy$],[$Factory $($Pty$)$ Ltd for the $2022$ year of assessment, for Toy Factory to not incur any penalties$],[$or interest. Provide brief reasons for selecting or not selecting a particular basic or other$],[$amount$.]],14]]$