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Part b fill in the missing word for each of the below

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PART BFill in the Missing word for each of the below statements.1.The Income Tax Act contains provisions for five different types of taxnormal tax, donations tax, _______tax, dividends withholding tax and withholding tax.2.The tax rebate determines the tax _______ for individual taxpayers on an annual basis3.Home office expenditure may be claimed where an employer derives his income mainly from _______ andhis work is mainly performed in his home office.4.S11(k) allows for the deduction of retirement contributions limited to 27.5 % of the greater of _______ andtaxable income5.Individuals with taxable income of less than R 1 million must base their estimate of provisional tax payableon the lesser of 90% of taxable income and the _______.6.For individuals, a resident is someone who is either ordinarily resident in South Africa or someone whomeets the _______ test.7.Partners will pay tax on their share of partnership _______.8.In order to qualify as a micro business, a company’s qualifying turnover must be less than _______ duringthe year of assessment.9.Income distributed by a trust retains its _______.10.Donations tax is generally payable by the _______.PART C1.Certain capital gains and losses must be disregarded when calculating a person’s aggregate capital gain.List 4 of these exclusions and provide a brief explanation of these.2.Discuss the factors that SARS will generally consider in determining whether a natural person is ordinarilyresident in South Africa during the tax year.3.List the potential taxpayers with regards to income earned by a testamentary trust. Discuss if the nature ofthe income earned by the trust will change if distributed to a beneficiary and what the tax implications ofthis are.4.List 4 requirements for an expense to qualify for deduction in terms of the general deduction formula.5.Discuss circumstances where a person providing tax advice or completing returns is not required to registeras a tax practitioner with SARS.Damelin - Randburg[40]

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