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which is considered to be her remuneration proxy. Use of a company car: Megan received a travel allowance of R6 800 per month from her
which is considered to be her remuneration proxy. Use of a company car: Megan received a travel allowance of R6 800 per month from her employer for the use of a vehicle for the 12 months of the 2023 year of assessment. The vehicle was purchased second-hand for R320 000 (including VAT). Megan used the vehicle for a total of 235 days during the 2023 year of assessment. She travelled a total of 24700 km, and her logbook showed that 13270km were for private purposes. She did not keep accurate records of the costs she incurred. REOUIRED: 2.1) With regards to the Accommodation, discuss the value of the fringe benefit which Megan will have to include in her taxable Income for the 2023 year of assessment. Support your answer with references to the Seventh Schedule of the Income Tax Act and calculations. Round your answer to the nearest rand. (22 marks) 2.2) With regards to the Use of a company car, calculate the taxable amount of Megan's travel allowance for the 2023 year of assossment
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