TelkomSA 3G 18:18 Done PROJ_Jul21_HCTA_TAXB... SECTION A Answer ALL the questions in this section. QUESTION ONE 1.1 Use the tax table provided to calculate the tax paid by Lala CC [60 MARKS] (6 marks) Lala CC is a registered micro business. Its receipts and expenses for the year ended 28 February 2021 are as folows: Turnover of micro business Interest received Rental from fixed property Running costs of micro business Repairs to fixed property Tax table: 2021 Year of assessment Turnover? (R) 0-335 000 Rate of tax (R) 0%? 335 001-500 000 500001-750 000 750 001 and above 1% of each R1 above 335 000 1650 + 2% of the amount above 500 000 6650+ 3% of the amount above 750 000 R 634 000 19 500 36 600 150 000 9000 1.2 Calculate the value of contributed tax capital (etc) after the above-mentioned transaction. (5 marks) King Limited is a South African resident company. All of King Limited's shareholders are natural persons. There has not been a movement in the equity of the company since the effective date. Equity consists of R180 000 ordinary shares, R45 000 in share premium and R120 000 of accumulated retained profits. In addition, Dino received 250 shares in exchange for services rendered. The value of the services rendered amounted to R47 000 1.3 Calculate the dividends tax liability for Dean Limited in respect of all dividends declared by the (5 marks) company During the past financial year ending 31 March 2021, Dean Limited, a resident company made the following distributions. Assume all shareholders are natural persons 1. 1 April 2020: Capitalisation issue of equity shares amounting to R132 000. 2. 30 June 2020: Repayment of R75 000 of contributed tax capital 3. 31 August 2020: Dividend in specie (trading stock) to shareholders that cost R45 000. The market value was RS8 000 The directors stated that the distribution represents R9000 cc.