Bhekizizwe received the right to use of a company owned vehicle for the first time on 30 April 2022 . The actual retail market value of the car (including VAT) was R300 000. The employer purchased this car on 28 February 2021. He does not contribute to the use of the company car. The company car was not subject to a maintenance plan at the time of purchase. YOU ARE REQUIRED to calculate the taxable benefit from the private use of the motor vehicle that needs to be included in his gross income for the current year of assessment. Select one: a. R105000 b. R 97500 c. R 89250 d. R 82875
Bhekizizwe received the right to use of a company owned vehicle for the first time on 30 April 2022 . The actual retail market value of the car (including VAT) was R300 000. The employer purchased this car on 28 February 2021. He does not contribute to the use of the company car. The company car was not subject to a maintenance plan at the time of purchase. YOU ARE REQUIRED to calculate the taxable benefit from the private use of the motor vehicle that needs to be included in his gross income for the current year of assessment. Select one: a. R105000 b. R 97500 c. R 89250 d. R 82875
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bhekizizwe received the right to use of a company owned vehicle for the first time on 30 April 2022 . The actual retail market value of the car (including VAT) was R300 000. The employer purchased this car on 28 February 2021. He does not contribute to the use of the company car. The company car was not subject to a maintenance plan at the time of purchase. YOU ARE REQUIRED to calculate the taxable benefit from the private use of the motor vehicle that needs to be included in his gross income for the current year of assessment. Select one: a. R105000 b. R 97500 c. R 89250 d. R 82875
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