Siyabonga received two laptops from his employer which was part of their trading stock. They have a combined market value of R15 000. The employer originally purchased the laptops at a cost of R18 000.What amount will be included in Siyabonga's gross income, ifany?

 

Question 3

MBS Construction (Pty) Ltd allowed Malusi the use of a 4 roomed house from the 1st of September until the 30th of September 2020. The house was fully furnished however Malusi was responsible for paying the electricity and water bill for the month.Malusi's remuneration in the 2019 year of assessment amounted to R450 000.

The amount included in Malusi's gross income for the 2021 year of assessment amounts to ?

Question 4

John recently purchased a voluntary annuity that will pay him an annual income of R80000 for the next 20 years.

Indicate the correct statement with regards to taxation purposes of John's annuity:

A. The annuity will be included in John's gross income, with no allowable exemptions.

B. The annuity will be included in John's gross income with the capital portion of the annuity allowed as an exemption under Section 10E of the Income Tax Act.

C. The annuity will be included in John's gross income with the capital portion of the annuity allowed as an exemption under Section 10A of the Income Tax Act.

D. The annuity will not be included in John's gross income, as it is capital in nature.

Question 5

On the 1st of January 2021, Lebo was granted use of a company vehicle, a brand new Toyota Hilux which cost R420 000 VAT incl. The vehicle had a maintenance plan which covers the vehicle for the shorter of 3 years or 100 000 Kms. Harry travelled a total of 38 100 Kms of which 11 000 Kms were for business purposes.

Theallowable business deductionamounts to ?

Question 6

Thandi (49) belongs to a medical aid. She is listed as the main member, along with her two children, Sipho (11) and Karabo (13) as dependents. Thandi contributed R95 000 during the 2021 year of assessment towards her medical aid. Her employer, Super Sam (Pty) Ltd contributed a further R28 400 towards the medical aid on behalf of Thandi.

The amount that will be included in Thandi's gross income is?

Question 7

Kagiso is a member of his employer's pension fund. During the 2021 year of assessment, Kagiso contributed R2500 per month to the pension fund. His employer contributeda further 50%of Kagiso's contributions towards the pension fund every month during the year of assessment:

What amount will be included in Kagiso's Gross Income for the 2021 year of assessment?

Question 8

MBS Construction (Pty) Ltd allowed Malusi the use of a 4 roomed house from the 1st of September until the 30th of September 2020. The house was fully furnished however Malusi was responsible for paying the electricity and water bill for the month. Malusi's remuneration in the 2020 year of assessment amounted to R450 000.

The value ofvariable Cin the following formula [ (A - B) x C /100 *D] will be:

A. 17

B. 1

C. 18

D. 19

Question 9

Nicole (39) was employed as the Design Manager at Green Gardens (Pty) Ltd for the last 5 years and built up a decent clientbase at the company. During the 2021 year of assessment, Nicole resigned from Green Gardens with the intention of starting her own company soon. Green Gardens signed a restraint of trade agreement with Nicole for 4 years, prohibiting her from operating within a 50km radius and therefore potentially stealing their clients. Green Gardens will pay Nicole R100 000 per annum for the next 4 years, starting in the current (2021) year of assessment

The amount to be included in Nicole's gross income for the 2021 year of assessment is ?

Question 10

The following items will be specifically included asgross incomefor income tax purposes:

A. Any income of a capital nature

B. Subsistence Allowance

C. Travel allowance

D. Restraint of trade payments