Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 2 (10 points) From 1 March 2021, employee A was provided with a company car. The vehicle had a cost price of R330 000
Question 2 (10 points) From 1 March 2021, employee A was provided with a company car. The vehicle had a cost price of R330 000 (excluding VAT of 15%) on 1 July 2018. This vehicle was used as a pool vehicle from the purchase date until the date employee A received the right of sole use. The vehicle is not subject to a maintenance plan. Employee A kept an accurate logbook and travelled 15 000 kilometres for private use out of 35 000 kilometres in total during the 2022 year of assessment. The determined value of the vehicle before depreciation (if any) to be used to determine the taxable benefit is: Blank #1 The determined value of the vehicle after depreciation (if any) to be used to determine the taxable benefit is: Blank #2 If employee A did not keep a logbook, the taxable portion of the right of use of a vehicle fringe benefit, will be: Blank #3 Employee A did keep a logbook so the taxable portion of the right of use of a vehicle fringe benefit. will be: Blank #4 Calculate the taxable portion of the fringe benefit that will be included in employee A's gross income for the 2022 year of assessment IF the vehicle was brand new, no records were kept and employee A pays R500 per month for the use of the vehicle. Blank #5
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started