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TAX2601-25-S2
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On 1 February 2025, Ubuntu (Pty) Ltd acquired a new machine for R900 000. The machine was brought into use the same day in a process of manufacture.
Calculate the capital allowance to be claimed by Ubuntu (Pty) Ltd on this machine for income tax purposes for the 2025 year of assessment ending 28 February. Assume Ubuntu (Pty) Ltd is not a Small Business Corporation, as defined in the Act.
On 1 October 2024, Ubuntu (Pty) Ltd acquired a new machine for R2 050 000. The machine was brought into use the same day in a process of manufacture. The machine was totally destroyed during a flash flood after heavy rains in December 2024. The insurance company indemnified Ubuntu to an amount of R860 000 on 1 February 2025.
Calculate any recoupment or scrapping allowance for Ubuntu (Pty) Ltd on this machine for the 2025 year of assessment ending 28/29 February. Ubuntu (Pty) Ltd is not a Small Business Corporation, as defined in the Act.
A fire occurred at Ngwenya (Pty) Ltd's warehouse on 15 September 2024, trading stock with a value of R580 000 was destroyed. On 20 January 2025, the insurance company awarded the company R310 000 for the loss of this trading stock.
How much can Ngwenya (Pty) Ltd deduct for tax purposes relating to the insured stock for the year of assessment ended 28 February 2025.
Ngwenya (Pty) Ltd incurred some research and development costs. The research and development was approved by the Minister of Science and Technology under section 11D(9) on 30 June 2024. The following expenses relating to this research were incurred during the 2025 year of assessment:
-Computer equipment purchased for R1 500 000 was brought into use on 1 September 2024 for the purposes of this research.
-Research consumables for this project were purchased on 31 May 2024 for an amount of R390 000.
-Salaries of R800 000 were paid to research assistants on 31 December 2024.
Calculate the allowance that Ngwenya (Pty) Ltd can claim for tax purposes with regards to the salaries expense for the year ended 28 February 2025.In the tax law case: Geldenhuys v Commissioner for Inland Revenue 14 SATC 419 (A) 1947, which principle was established?
According to the gross income definition (as defined in the Income Tax Act), for an amount to be included in the gross income of a taxpayer, that amount needs only comply with one of the criteria as per the definition of gross income.
Which one of the following taxpayers is not exempt from tax? |