Hi. I am busy with an assignment and would like help.
If anyone can help me with answers to these questions I would really appreciate it.
Property Buy (Pty) Ltd purchased a commercial building for R2 000 000. The transfer duty payable is:
Eric has held a two-hectare piece of vacant land at Hermanus for a considerable length of time. A developer approached him with an offer to purchase half of the property for
R 400 000. An estate agent has valued the entire property at R1 000 000. The market value of the property on 1 October 2001 was R700 000, and Eric has elected to use the market value to determine base cost on valuation date. The capital gain realised on the piece of land would be:
Natasha is 50 years old. She, her husband and their 3 minor children are members of a registered medical scheme. None of the members has a "disability" as defined. Her employer made monthly contributions of R 1 500 to the medical scheme while she also contributed R 1 500 a month. She paid qualifying medical expenses of R10 500 that were not reimbursed by the medical scheme. Her taxable income before the section 18 deduction was R 180 000.Her taxable income for the 2012 years is as follows:
Ryan is 30 years old. He took out a life annuity with a consideration value (capital amount) of
R 150 000. The annuity contribution is R5 600 p.a. The deduction which he could claim for income tax purposes for a full year would be:
Mr. Jones borrowed R 1 000 000 to a newly formed discretionary trust to purchase commercial property and to earn rental income. The loan between Mr. Jones and the trust is interest free. The trust earned R 100 000 rental income during the year and distributed this equally to the two beneficiaries. Which of the following statements are correct:
Mr. Jones will be taxed on the R 100 000
The two children will be taxed on R 50 000 each
Mr. Jones and the two children will be taxed on the R 100 000 in equal shares
The trust will be taxed on R 100 000
Peter belongs to his employer's pension fund and contributes 8, 5% of his monthly salary to the fund. During the year he had earned a total salary of R 250 000 and made arrear contributions of R 2 500 to the fund. Peter's taxable income (before rebates) would be:
Mr. Old is 78 years old and would like to know what the maximum amount is that he can earn before he will start paying tax in the 2012 tax year. Assume that he will only earn rental income. The maximum amount is:
R 10 755
R 16 767
R 18 767
R 15 936
Mr. Matthews decides to give his nephew a single premium endowment policy as a present. The investment amount is R 350 000. His nephew is the life assured. He recently turned seventeen. The donations tax and liable person for the tax is as follows:
Duncan is granted the right to use a company car for the year of assessment. The car was acquired by his employer at a cost of R 114 000 (VAT included). The car is still subject to a service plan. The annual cash equivalent of the value of the taxable benefit would be:
True or false: A short -term loan to an employee that is not granted regularly and which does not exceed R3 000 is excluded from being regarded as a taxable benefit.
Thank you so much!