with a qualifying turnover of less than R$1$ million may elect to be taxed on the turnover tax system.

b$.$ Taxable turnover includes cash receipts not of a capital nature from carrying on business activities in the Republic of South Africa.

c$.$ Qualifying turnover only refers to receipts and not to

equipment not included in total receipts$)$ R$28000$

Taxable turnover

R$554000$

Taxable income

R$275300$

Assume Bhekisizwe $CC$ does not qualify as a micro business or a small

Ltd had a closing stock on hand at the warehouse, valued at R$2300000.$

During the $2024$ year of assessment the company sold trading stock for R$2800000.$ Due to some financial constraints, the company did not buy any trading stock during the $2024$ year of assessment and had closing stock valued at R$400000$ on $29$ February $2024.$ Assume the cost and market value is the same.

Flag$\_$question

If a company is registered on the Turnover Tax based system, which one of the following items will be used to determine the company's tax liability?

a$.$ Taxable income

h O$$alifvina t$$urnover

and delivery costs were R$890.$ The copier was delivered on $1$ November $2023$ and immediately brought into use. In terms of Binding General Ruling No$.7,$ an acceptable write$-$off period for this asset would be five $(5)$ years. Calculate the wear$-$and$-$tear allowance to be claimed in respect of the photocopying equipment for income tax purposes in the $2024$ year of assessment ending $29$ February. acquired a second$-$hand machine for R$1400000.$ The machine was brought into use the same day in a process of manufacture. Calculate the capital allowance to be claimed by Ubuntu $($Pty$)$ Ltd on this machine for the $2024$ year of assessment ending $29$ February. Assume Ubuntu $($Pty$)$ Ltd is a Small Business Corporation, as defined in the Act.