Lebelok (Pty) Ltd
Taxable income of Lebelok (pty) Ltd for the year ending 31st March 2023
Profit before tax 1 067 800
Revenue- Deduct VAT OUTPUT(600 000X15/115) (78 261)
Cost of sales
Add: closing stock( machine and engine) 59 000
Add: recoupment- dividends in species @ market value 25 000
Add: recoupment- donations to PBO @ cost price 15 000
Dividends received
Less exemptions- dividends from resident company (20 000)
Dividends from Barethe LTD (120 000)
Partial exemption-UK company(50 000X8/28) (14 286)
Add: depreciation 138 200
Machine 102- capital allowance (287 000x20%) (57 400)
proceed nill
Tax value (287 000X20%) 57 000
Sect 11(0) allowance (57 000) (57 000)
less
Less: wear and tear-patent (40 000X5%) 870 740 (2000)
Less: wear and tear- design (22 500X10%) 851 640 (2 250)
Less: wear and tear- furniture 14 600 ( 15 942)
(200 000X100/115X1/10X11/12) 4 500
Specialized delivery vehicle
Cost
Import duties
Testing expenses
Wear and tear- delivery vehicle (870 740X1/8X5/12) (45 351 )
Foreign exchange difference-loss (2,92-2,82X302 000) (30 200)
Lease agreement
Monthly rental- no adjustment -
Lease premium( 80 000X1/15X8/12) (3 555)
Improvements- (280 000X 7/179) (10 950)
Other expenses- no adjustment -
Taxable income before donations 847 805
Donations- limited to (10% of 847 805=84 780), there (15 000)
deduct full donation of 15 00
Taxable income 832 805
Taxable income of Lebelok (pty) Ltd for the year ending 31st March 2023
Profit before tax 1 067 800
Revenue- Deduct VAT OUTPUT(600 000X15/115) (78 261)
Cost of sales
Add: closing stock( machine and engine) 59 000
Add: recoupment- dividends in species @ market value 25 000
Add: recoupment- donations to PBO @ cost price 15 000
Dividends received
Less exemptions- dividends from resident company (20 000)
Dividends from Barethe LTD (120 000)
Partial exemption-UK company(50 000X8/28) (14 286)
Add: depreciation 138 200
Machine 102- capital allowance (287 000x20%) (57 400)
proceed nill
Tax value (287 000X20%) 57 000
Sect 11(0) allowance (57 000) (57 000)
less
Less: wear and tear-patent (40 000X5%) 870 740 (2000)
Less: wear and tear- design (22 500X10%) 851 640 (2 250)
Less: wear and tear- furniture 14 600 ( 15 942)
(200 000X100/115X1/10X11/12) 4 500
Specialized delivery vehicle
Cost
Import duties
Testing expenses
Wear and tear- delivery vehicle (870 740X1/8X5/12) (45 351 )
Foreign exchange difference-loss (2,92-2,82X302 000) (30 200)
Lease agreement
Monthly rental- no adjustment -
Lease premium( 80 000X1/15X8/12) (3 555)
Improvements- (280 000X 7/179) (10 950)
Other expenses- no adjustment -
Taxable income before donations 847 805
Donations- limited to (10% of 847 805=84 780), there (15 000)
deduct full donation of 15 00
Taxable income 832 805
