THIS DOCUMENT CONTAINS CAREFULLY WORKED OUT TAX1501 ASSESSMENT 6 OF SEM 1 2024 EXPECTED QUESTIONS AND SOLUTIONS. USING IT CORECTLY FOR PRACTICE WILL HELP YOU SCORE ABOVE 75%
Sidney Aus is 64 years old and married with 2 children. She is fully employed and earned a salary of R1 690 000 for the current year of assessment. She also made contributions to a
medical aid fund of R25 000 and her employer also contributed a further R65 000. In addition to the above she received the following income:
Local dividends of R10 000
Interest received from a South African investment of R19 000
YOU ARE REQUIRED to determine the total amount which will be included in Sidney's Gross income for the current year of assessment.
Select one:
a. R1 780 000
b. R1 690 000
c. R1 755 000
d. R1 784 000
,During the current year of assessment Daniella sold an asset that was acquired before 1 October 2001. The selling price is greater than all the costs incurred
on the asset. The Market Value of the asset was determined on 1 October 2001. The Time-Apportionment Base (TAB) cost is greater than the Market Value
on 1 October 2001 and 20% of the Proceeds less allowable costs incurred on or after 1 October 2001. Daniella can prove all the costs incurred before and
after 1 October 2001. The Base Cost of the asset is:
a. Time-Apportionment Base (TAB) cost
b. The Market Value on 1 October 2001
c. The Market Value on 1 October 2001 plus all costs incurred after 1 October 2001.
d. Time-Apportionment Base (TAB) cost plus all costs incurred after 1 October 2001.
Clear my choice
,Elizabeth is 40 years old. She is a salaried person. During the current year of assessment, she paid income protection premiums of R2 000, She contributed towards a retirement fund
for R7 000, she bought groceries of R6 000, and made a donation to a public benefit organisation of R4 000. Elizabeth received the section 18A receipt. YOU ARE REQUIRED to
determine the total amount that will be allowed as deductions in the calculation of her taxable income? (Assume that none of the allowable deductions are subject to any limitations,
therefore the full amount would be deductible).
Select one:
a. R19 000
b. R11 000
c. R9 000
d. R13 000
, During the current year of assessment Fellen sold her primary residence for R7 500 000. It was purchased on 1 June 2006 for R3 780 000. She incurred commission costs on the sale
of property of R67 500. YOU ARE REQUIRED to calculate the taxable capital gain to be included in Fellen’s taxable income because of the sale of the primary residence. You may
assume that she did not sell any other capital asset.
a. R645 000
b. R1 612 500
c. R1 652 500
d. R3 652 500
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