The year of assessment for individuals ends?a. 31 Marchb. 28 Februaryc. 1 Marchd. None of the above The taxes imposed on a person, should be as little as possible One of this is a principle of taxation: a. Pay as you go, when you can affordb. Transfer of estate duty on propertiesc. The year of assessment of any trust for the purposes of the Income Tax Act will cover the following period.a. March to the end of April of the following yearb. July to 30 June of the following year.c. Any period of twelve months as elected by the trusteesd. None of the above   The normal tax liability of a taxpayer is determined with reference to.a. The Income Tax Act as supported by relevant case lawb. Accounting principles applied according to international accounting standardsc. A combination of accounting principles and the provisions of the Income Tax Actd. None of the above   The burden of proof regarding the following, does not rest upon a taxpayer.a. That an estimated assessment (where a taxpayer failed to submit a return) is reasonableb. That an amount is exempt from taxc. That an amount is deductible from “income”d. That an amount qualifies as a reduction of tax payable   The term “income” is defined in the Income Tax Act as:a. The accounting profit or loss of the taxpayerb. “Gross income” less deductions and allowancesc. All amounts received or accrued, less any exempt amountsd. None of the above   Indicate which of the following persons is not recognised as a taxpayer for the purposes of the Income Tax Act:a. The estate of a deceased personb. A Partnership. An insolvent estated. Any trust   Indicate which of the following statements regarding legal precedent is false.a. the decisions of the High Court of some other Provincial Divisionb. The decisions of the Constitutional Court must be followed by all other courtsc. The Tax Court is bound by decisions of its own Provincial High Court, but do not need to followd. The decisions of the Tax Court are binding on other courts   Indicate which of the following statements is false.a. Interpretation Notes always have the force of law as they represent SARS’ interpretation of the provisions of the relevant Act.b. South Africa applies the purposive rather than the literal approach to interpret legislation.c. Where a section of the Act is reasonably capable of two constructions, the court will place the construction upon it that imposes the smaller burden on the taxpayer in terms of the contra fiscum rule.   The residential status of a taxpayer for the purposes of the Income Tax Act can have a direct impact on the followinga. Amounts of gross income arising as non-residents have to include amounts of a capital nature in their gross income as well.b. Amounts of interest qualifying for exemption as non-residents do not qualify for the basic interest exemption on offer by section 10(1)(i).c. Local withholding taxes as residents are subject to all these provisions.d. None of the above   A natural person (unmarried and 35 years old) earned R350 000 for the year of assessment ending 29 February 2020. You are required to calculate the total normal tax payable for the 2020 year of assessment. Please use the tax table below. Round off to the nearest Rand. Ignore any rebates for this question VALUES 2020

Tax Thresholds(point at which normal tax becomes payable)
	Taxable income (Rand)
	2020	2019
Persons under 65	79 000	78 150
Persons 65 and under 75	122 300	121 000
Persons 75 and above	136 750	135 300

Rates of normal tax
Natural persons and special trusts – 2020
Taxable income	Rates of tax
R0 – R195 850	18% of taxable income
R195 851 – R305 850	R35 253 + 26% of taxable income exceeding R195 850
R305 851 – R423 300	R63 853 + 31% of taxable income exceeding R305 850
R423 301 – R555 600	R100 263 + 36% of taxable income exceeding R423 300
R555 601 – R708 310	R147 891 + 39% of taxable income exceeding R555 600
R708 311 – R1 500 000	R207 448 + 41% of taxable income exceeding R708 310
R1 500 001 and above	R532 041 + 45% of taxable income exceeding R1 500 000

a. R6 462b. R77 540c. R35 253d. R63 853   A natural person (unmarried and 75 years old) earned R122 000 for the year of assessment ending 29 February 2020. You are required to calculate the total normal tax payable for the 2020 year of assessment. Please use the tax table below. Round off to the nearest Rand. Ignore any rebates for this question. VALUES 2020

Tax Thresholds(point at which normal tax becomes payable)
	Taxable income (Rand)
	2020	2019
Persons under 65	79 000	78 150
Persons 65 and under 75	122 300	121 000
Persons 75 and above	136 750	135 300

Rates of normal tax
Natural persons and special trusts – 2020
Taxable income	Rates of tax
R0 – R195 850	18% of taxable income
R195 851 – R305 850	R35 253 + 26% of taxable income exceeding R195 850
R305 851 – R423 300	R63 853 + 31% of taxable income exceeding R305 850
R423 301 – R555 600	R100 263 + 36% of taxable income exceeding R423 300
R555 601 – R708 310	R147 891 + 39% of taxable income exceeding R555 600
R708 311 – R1 500 000	R207 448 + 41% of taxable income exceeding R708 310
R1 500 001 and above	R532 041 + 45% of taxable income exceeding R1 500 000

a. RNilb. None of the abovec. R21 960d. R1 830   A natural person (unmarried and 65 years old) earned R205 000 for the year of assessment ending 29 February 2020. You are required to calculate the normal tax payable per month for the 2020 year of assessment. Please use the tax table below. Round off to the nearest Rand. Ignore any rebates for this question. VALUES 2020

-Tax Thresholds(point at which normal tax becomes payable)
	Taxable income (Rand)
	2020	2019
Persons under 65	79 000	78 150
Persons 65 and under 75	122 300	121 000
Persons 75 and above	136 750	135 300

Rates of normal tax
Natural persons and special trusts – 2020
Taxable income	Rates of tax
R0 – R195 850	18% of taxable income
R195 851 – R305 850	R35 253 + 26% of taxable income exceeding R195 850
R305 851 – R423 300	R63 853 + 31% of taxable income exceeding R305 850
R423 301 – R555 600	R100 263 + 36% of taxable income exceeding R423 300
R555 601 – R708 310	R147 891 + 39% of taxable income exceeding R555 600
R708 311 – R1 500 000	R207 448 + 41% of taxable income exceeding R708 310
R1 500 001 and above	R532 041 + 45% of taxable income exceeding R1 500 000

a. R3 136b. RNILc. R79 000d. R37 632