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Linus Moses
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Linus Mosesadmin
Asked: November 22, 20212021-11-22T17:44:58+02:00 2021-11-22T17:44:58+02:00In: Taxations

  Calculate Mary’s net tax liability for the 2018 year of assessment. Round all amounts off to the nearest R. 

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QUESTION 3                                                                                                             (18 MARKS)

 

Mary (born in 1960) provides you with the following information for the 2018 year of assessment:

Income from employer Note R
Salary 385 000
Entertainment allowance 1. 55 000
Commission income 400 000
Annual performance bonus 120 000
Uniform Allowance 2. 3 000
Investment Income
SA interest received (Local Bank) 42 000
SA Dividends 6 500
Foreign Dividends (less than 2% shareholding) 10 000
Expenses
Donation to Wits university (Section 18 A certificate obtained) 100 000
Entertainment expenses (Receipts obtained) 1. 33 500

 

Notes:

  1. Mary currently holds the position of Chief Marketing Director and one of her job descriptions are to dine with clients on a regular basis to pitch ideas to potential customers to attract business.
  2. The Chief Operating Officer who is also Mary’s husband is of the opinion that Mary should look presentable at all times when she represents the company and convince members of the board of directors to allow Mary a uniform allowance monthly for decent clothing.
  3. Mary’s employer deducted R122 000 PAYE during the year and paid it over to SARS.
  4. Mary also made a provisional payment of R 20 000 on 31 August 2017 relating to the 2018 year of assessment.

 

REQUIRED:

 

Calculate Mary’s net tax liability for the 2018 year of assessment. Round all amounts off to the nearest R.

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