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TAX1501 EXAM PACK 2019 written by studyportal The study-notes marketplace Buy and sell all your summaries, notes, theses, essays, papers, cases, manuals, researches, and many more... Downloaded by: ntlesco | [email protected] Distribution of this document is illegal
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Stuvia.com - The study-notes marketplace RAMOSHABA EDDIE UNIVERSITY OF SOUTH AFRICA SOLUTION FOR TAXATION MAY JUNE 2018 QUESTION 1 PART 1 R R S alary 450 000 Bonus 150 000 Local dividends 15 500 Less: Exemption (15 000) 0 Foreign interest 34 000 634 000 Less: Retirement contribution Actual contribution: R120 000 Step 1: Calculate the percentage limit 27.5% of the greater of remuneration or taxable before this deduction -Remuneration: R450 000 + R150 000 = R600 000 -Taxable income: R634 000 The greater of the two amount is the taxable income Therefore R634 000 × 27.5%= R174 350 is the first limit Step 2: Limited to the lessor if 1) R174 350 or 2) R350 000 The lessor of the two amount is R174 350 and would be the Limitation The deduction < limit, therefore all of the contributions can be Deducted (120 000) 514 000 Less: donation Actual donation R52 000 Limited to 10% × R514 000=R51 400 (R52 000-51 400)=R600 is to forwarded for the following year (51 400) Taxable income 248 600 Downloaded by: ntlesco | [email protected] Distribution of this document is illegal
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Stuvia.com - The study-notes marketplace RAMOSHABA EDDIE PART B Medical scheme fees tax credit [R310 × 2] × 12 7 400 Additional medical expenses tax credit Medical contribution 48 000 Less: 4 × MSFTC 4 ×
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