Assessment 4: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=225
UNISA 2024 TAX2601-24-S2 Assessment 4
QUIZ
Started on Tuesday, 24
September 2024,
11:26 AM
State Finished
Completed on Tuesday, 24
September 2024,
12:14 PM
Time taken 48 mins 6 secs
Marks 32.00/35.00
Grade 91.43 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Bhekisizwe (Pty) Ltd would like to know if
they qualify as a small business
corporation. You are provided with the
following information. The gross income
for the 2021 (their �rst year of trade) was
R1,7 million. Grace and Joy (two sisters)
and Bhek (Pty) Ltd are the only
shareholders of the company. Joy owns 5
000 shares in a company listed on the
Johannesburg Stock Exchange. The
company has no investment income.
On what grounds does Bhekisizwe (Pty)
Ltd not qualify as a small business
corporation?
a. Bhekisizwe (Pty) Ltd is a
company.
b. The company has no investment
income.
c. Joy owns shares in a listed
company.
d. Bhek (Pty) Ltd is a shareholder.
1 of 19 2024/09/24, 12
,Assessment 4: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=225
Question 2
Complete
Mark 1.00 out of 1.00
Bhekisizwe (Pty) Ltd is a company that
specialises in the production of custom-
made mountain bikes. Bhekisizwe (Pty)
Ltd is a micro business and quali�es for all
of the advantages of turnover tax. The
company has a year-end of 29 February
2024. The estimated taxable turnover was
R820 000 on 29 February 2024. The �rst
interim payment was calculated as R1
200. How much would Bhekisizwe (Pty)
Ltd pay for its second interim payment for
the 2024 year of assessment?
a. R7 550
b. R8 750
c. R6 650
d. R1 200
Question 3
Complete
Mark 1.00 out of 1.00
Which of the following statements is
incorrect with regards to trusts?
a. A trust deed is a legal document
that is drawn up by the original
donor to the trust.
b. The pro�t earned by a trust must
be distributed to the bene�ciaries
if the trust deed stipulates it.
c. A trust is taxed at a �at rate of
40%.
d. A trust is a separate legal entity
and is therefore a separate
taxpayer.
2 of 19 2024/09/24, 12
,Assessment 4: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=225
Question 4
Complete
Mark 1.00 out of 1.00
Bhekisizwe (Pty) Ltd is a property
management company that manages
rental properties on behalf of its clients, i.e
rental is collected from the tenants and
paid over to the company’s clients (the
owners of the properties).
The following are the company’s receipts
for the year of assessment ending 31
January 2024:
Fees for property management services
R600 000
Interest (1)
R54 200
Local dividends (2)
R25 000
Rentals (3) R6
329 000
Notes:
1. The interest earned is from investment
with a local bank.
2. Bhekisizwe received dividends from
the shares held in ABC (Pty) Ltd.
3. The rentals received were from
properties owned by Bhekisizwe’s clients.
Assume that the company is not a micro
business or a small business corporation.
Which one of the following statements is
incorrect with regard to interest received
by Bhekisizwe (Pty) Ltd?
a. The interest received is not capital
in nature.
b. The interest is an amount
received in cash or otherwise.
c. The interest was received in
favour of Bhekisizwe (Pty) Ltd.
d. The interest will be included in
Bhekisizwe (Pty) Ltd’s gross
income but R23 800 will be
exempt.
3 of 19 2024/09/24, 12
,Assessment 4: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=225
Question 5
Complete
Mark 1.00 out of 1.00
Bhekisizwe (Pty) Ltd calculated its taxable
income for the 2024 year of assessment
ended 31 March 2024 to be R1 400 000.
The basic amount (last assessed for
2022) is R1 700 000. It has made a �rst
provisional tax payment of R238 000.
What will the second provisional tax
payment be in respect of the 2024 year
and by when must it be paid? (Assume
the company is not a small business
corporation nor a micro business.)
a. R140 000, payable by 31 March
2024
b. R221 000, payable by 31 March
2024
c. R154 000, payable by 29 February
2024
d. R459 000, payable by 29 February
2024
Question 6
Complete
Mark 1.00 out of 1.00
Ngwenya (Pty) Ltd incurred the following
legal expense during the 2024 year of
assessment ended 29 February 2024:
i) R10 000 legal costs for debt collection;
ii) R27 000 legal costs relating to the
drawing up of an agreement to purchase a
piece of land;
iii) R52 000 relating to a dispute with a
client of Ngwenya (Pty) Ltd who sued the
company for supplying incorrect goods.
Ngwenya (Pty) Ltd's lawyers were
successful in defending the company on
this matter.
Determine the amount that is deductible
by Ngwenya (Pty) Ltd relating to legal fees.
a. R37 000
b. R62 000
c. R10 000
d. R89 000
4 of 19 2024/09/24, 12
UNISA 2024 TAX2601-24-S2 Assessment 4
QUIZ
Started on Tuesday, 24
September 2024,
11:26 AM
State Finished
Completed on Tuesday, 24
September 2024,
12:14 PM
Time taken 48 mins 6 secs
Marks 32.00/35.00
Grade 91.43 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Bhekisizwe (Pty) Ltd would like to know if
they qualify as a small business
corporation. You are provided with the
following information. The gross income
for the 2021 (their �rst year of trade) was
R1,7 million. Grace and Joy (two sisters)
and Bhek (Pty) Ltd are the only
shareholders of the company. Joy owns 5
000 shares in a company listed on the
Johannesburg Stock Exchange. The
company has no investment income.
On what grounds does Bhekisizwe (Pty)
Ltd not qualify as a small business
corporation?
a. Bhekisizwe (Pty) Ltd is a
company.
b. The company has no investment
income.
c. Joy owns shares in a listed
company.
d. Bhek (Pty) Ltd is a shareholder.
1 of 19 2024/09/24, 12
,Assessment 4: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=225
Question 2
Complete
Mark 1.00 out of 1.00
Bhekisizwe (Pty) Ltd is a company that
specialises in the production of custom-
made mountain bikes. Bhekisizwe (Pty)
Ltd is a micro business and quali�es for all
of the advantages of turnover tax. The
company has a year-end of 29 February
2024. The estimated taxable turnover was
R820 000 on 29 February 2024. The �rst
interim payment was calculated as R1
200. How much would Bhekisizwe (Pty)
Ltd pay for its second interim payment for
the 2024 year of assessment?
a. R7 550
b. R8 750
c. R6 650
d. R1 200
Question 3
Complete
Mark 1.00 out of 1.00
Which of the following statements is
incorrect with regards to trusts?
a. A trust deed is a legal document
that is drawn up by the original
donor to the trust.
b. The pro�t earned by a trust must
be distributed to the bene�ciaries
if the trust deed stipulates it.
c. A trust is taxed at a �at rate of
40%.
d. A trust is a separate legal entity
and is therefore a separate
taxpayer.
2 of 19 2024/09/24, 12
,Assessment 4: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=225
Question 4
Complete
Mark 1.00 out of 1.00
Bhekisizwe (Pty) Ltd is a property
management company that manages
rental properties on behalf of its clients, i.e
rental is collected from the tenants and
paid over to the company’s clients (the
owners of the properties).
The following are the company’s receipts
for the year of assessment ending 31
January 2024:
Fees for property management services
R600 000
Interest (1)
R54 200
Local dividends (2)
R25 000
Rentals (3) R6
329 000
Notes:
1. The interest earned is from investment
with a local bank.
2. Bhekisizwe received dividends from
the shares held in ABC (Pty) Ltd.
3. The rentals received were from
properties owned by Bhekisizwe’s clients.
Assume that the company is not a micro
business or a small business corporation.
Which one of the following statements is
incorrect with regard to interest received
by Bhekisizwe (Pty) Ltd?
a. The interest received is not capital
in nature.
b. The interest is an amount
received in cash or otherwise.
c. The interest was received in
favour of Bhekisizwe (Pty) Ltd.
d. The interest will be included in
Bhekisizwe (Pty) Ltd’s gross
income but R23 800 will be
exempt.
3 of 19 2024/09/24, 12
,Assessment 4: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=225
Question 5
Complete
Mark 1.00 out of 1.00
Bhekisizwe (Pty) Ltd calculated its taxable
income for the 2024 year of assessment
ended 31 March 2024 to be R1 400 000.
The basic amount (last assessed for
2022) is R1 700 000. It has made a �rst
provisional tax payment of R238 000.
What will the second provisional tax
payment be in respect of the 2024 year
and by when must it be paid? (Assume
the company is not a small business
corporation nor a micro business.)
a. R140 000, payable by 31 March
2024
b. R221 000, payable by 31 March
2024
c. R154 000, payable by 29 February
2024
d. R459 000, payable by 29 February
2024
Question 6
Complete
Mark 1.00 out of 1.00
Ngwenya (Pty) Ltd incurred the following
legal expense during the 2024 year of
assessment ended 29 February 2024:
i) R10 000 legal costs for debt collection;
ii) R27 000 legal costs relating to the
drawing up of an agreement to purchase a
piece of land;
iii) R52 000 relating to a dispute with a
client of Ngwenya (Pty) Ltd who sued the
company for supplying incorrect goods.
Ngwenya (Pty) Ltd's lawyers were
successful in defending the company on
this matter.
Determine the amount that is deductible
by Ngwenya (Pty) Ltd relating to legal fees.
a. R37 000
b. R62 000
c. R10 000
d. R89 000
4 of 19 2024/09/24, 12
