HTAX331-1 - Taxation of Business Activities - QUIZ
HTAX331-1 · Taxation of Business Activities
Boston City Campus
Questions
10 Questions
Practice 10 questions on HTAX331-1 - Taxation of Business Activities at Boston City Campus. Free AI-generated quiz on uNotes — track your score, retake anytime.
1According to the Eighth Schedule, paragraph 57, which of the following conditions must be met for Jane Foreman to qualify for the R1,800,000 small business asset exclusion upon the disposal of her dress-making business?
2Felicity Goodman rents a flat to a tenant for residential purposes. How should this rental income be treated for VAT purposes according to Section 12(1)(c)(i)?
3Based on the case of PE Electric Tramway Co Ltd, what are the primary considerations to determine if an expense is incurred 'in the production of income' under the General Deduction Formula?
4Zoobers (Pty) Ltd sold machinery for R3,000,000. The income tax value was R1,200,000 and the company had previously claimed R1,440,000 in s12C allowances. Calculate the amount of the recoupment to be included in taxable income.
5Under the VAT Act, in which of the following scenarios is a vendor specifically denied the right to claim input tax (Section 17(2))?
6Coastal Chaos (Pty) Ltd has a taxable income of R484,300 for the 2021 year of assessment (ending 28 February 2021). Using the SBC tax rates provided, calculate the income tax payable.
7According to Section 8(8) of the VAT Act, if a vendor receives an insurance payout for a stolen business asset (like a bakkie) on which they previously claimed input tax, how is this payout treated?
8To qualify as a Small Business Corporation (SBC) under Section 12E, what is the maximum gross income limit for the year of assessment?
9An assisting seamstress stayed in a VAT-registered self-catering unit for 29 days for a workshop. What percentage of the VAT on the accommodation invoice can be claimed as input tax for the period exceeding 28 days?
10Which of the following are requirements for a company to be classified as a Small Business Corporation (SBC)?
