2 the interest was received in favour of lapeng pty

This preview shows page 34 - 38 out of 39 pages.

(2) The interest was received in favour of Lapeng (Pty) Ltd. (3) The interest received is not capital in nature. (4) The interest will be included in Lapeng (Pty) Ltd’s gross income but R23 800 will be exempt.
QUESTION 29 Which one of the following statements is incorrect with regard to dividends received by Lapeng (Pty) Ltd?
TAX2601/101 ASSIGNMENT 1: SECOND SEMESTER 2021 (continued) QUESTION 30 Which one of the following statements is incorrect with regard to rentals received by Lapeng (Pty) Ltd with reference to the gross income definition?
35 END OF ASSIGNMENT 1
36 SECOND SEMESTER ASSIGNMENT 2 (25 marks, 30 minutes) MODULE DUE DATE UNIQUE NUMBER TAX2601 14 September 2021 389856 NOTE Note that the mark you have obtained for this assignment will form 75% of your year mark for this module. Your year mark will contribute 20% to your final mark. Please ensure that you submit this assignment electronically on or before the due date because if you submit it late, the mark you have obtained for this assign- ment will not form part of your year mark! We will not allow any correspon- dence or telephonic conversation in this regard. Your assignment must be in a pdf format (not read-only, otherwise we can’t mark it). By submitting your assignment, you confirm that you accept and will adhere to the terms of the plagiarism declaration (discussed in section 7.5 above). ASSESSMENT CRITERIA FOR THIS ASSIGNMENT For this assignment, you will need to have achieved the learning objectives set out in learning units 1 to 6 , as contained in 102/3/2021 and 103/3/2021.
TAX2601/101 37 ASSIGNMENT 2: SECOND SEMESTER 2021 QUESTION 1 (25 marks, 30 minutes) Sparkles (Pty) Ltd manufactures jewellery and sells it to well-known jewellery shops in South Africa. The company is a small business corporation as defined in the Income Tax Act. The following information is provided to you for the company’s year of assessment ending on 31 March 2021: Notes Income Sales 7 560 000 Interest income 33 000 Dividend income from a local company 12 000 Expenses Manufacturing costs and purchases 2 840 000 Manufacturing machine “Green” 1 590 000 Manufacturing machine “Purple” and repairs 2 20 000 Air conditioner 3 30 600 Rental of photocopy machine 12 700 Bad debt written off 4 50 000 Provision for doubtful debts 5 800 000 Salaries and provident fund contributions 6 1 485 000 Design and trademarks 7 440 000 Advertising expenses 8 47 000 Penalties and interest 9 29 000 Notes: 1. Manufacturing machine – Green A new manufacturing machine “Green” was purchased on 1 May 2020 for R590 000 and brought into use on the same date. In January 2021 the company sold this machine for R440 000. R

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture