3.1 State which person/s are specifically excluded and disqualified as micro-businesses? 3.2 Define turnover tax and state which receipts are excluded from qualifying turnover? 3.3 DJ Ltd is a business corporation that manufactures and supplies goods. Mr Dave does not hold shares or interest in any other company The following is summary of income and expenditure for the year ended 28 February 2023: Gross income Interest Income Purchase of machinery (brought into use immediately) Office Equipment purchased R 3 000 000 R 275 000 R 225 000 R 2 000 000 Calculate the tax due by DJ Ltd for the year ended 28 February 2023. The taxpayer chooses the most preferential wear and tear allowance? Discuss whether the DJ Ltd qualifies as a SBC?
3.1 State which person/s are specifically excluded and disqualified as micro-businesses? 3.2 Define turnover tax and state which receipts are excluded from qualifying turnover? 3.3 DJ Ltd is a business corporation that manufactures and supplies goods. Mr Dave does not hold shares or interest in any other company The following is summary of income and expenditure for the year ended 28 February 2023: Gross income Interest Income Purchase of machinery (brought into use immediately) Office Equipment purchased R 3 000 000 R 275 000 R 225 000 R 2 000 000 Calculate the tax due by DJ Ltd for the year ended 28 February 2023. The taxpayer chooses the most preferential wear and tear allowance? Discuss whether the DJ Ltd qualifies as a SBC?
Chapter5: Corporations: Earnings & Profits And Dividend Distributions
Section: Chapter Questions
Problem 1DQ
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Transcribed Image Text:3.1 State which person/s are specifically excluded and disqualified as micro-businesses?
3.2 Define turnover tax and state which receipts are excluded from qualifying turnover?
3.3 DJ Ltd is a business corporation that manufactures and supplies goods. Mr Dave does not hold shares or
interest in any other company The following is summary of income and expenditure for the year ended 28
February 2023:
Gross income
Interest Income
Purchase of machinery (brought into use immediately)
Office Equipment purchased
R 3 000 000
R 275 000
R 225 000
R 2 000 000
Calculate the tax due by DJ Ltd for the year ended 28 February 2023. The taxpayer chooses the most
preferential wear and tear allowance? Discuss whether the DJ Ltd qualifies as a SBC?
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