Crowdly

Records in financials

Physically received

Legally entitled

Deposited

in bank

Which

of the following

cannot be claimed as input VAT?

VAT on business machinery

VAT on raw materials used in production

VAT on office supplies

VAT on a sedan used for business travel

VAT on stock purchased for resale

prohibits deductions not incurred in the production of income?

vendor who charges VAT on goods and services sold is levying:

Zero-rated tax

Input tax

Exempt tax

Output tax

Standard rated tax

Which

section

Section 10(1)(o)

Section 23(g)

Section 11(e)

Section 7

Section 12B

What

is the effect of

exceeding R1 million turnover during the year?

Switch to standard tax immediately

Penalty of R50 000

Deregistration the next year

SARS audit triggered

VAT must be paid

What

is the

maximum qualifying turnover

for a micro business under turnover

tax?

R3 million

R1 million

R2 million

R1,5 million

R500 000

Which

case clarified the term

“in the production of income”?

Sub-Nigel Ltd v CIR

Tramway Co Ltd

CIR v Pick n Pay Share Trust

Smith

v CIR

ITC

1783

What

is the starting point for calculating taxable income for a company?

Gross income

Accounting profit

Taxable turnover

Turnover

Capital gains

Which

of the following is

not a requirement

under the general deduction

formula?

Expense must not be of a private nature

Trade must be carried on

Expense must be actually incurred

Expense must be capital in nature

Expense must be in the production of income

not required for turnover tax registration?

Which

of the following is

Permanent physical office

Natural person or qualifying entity

Turnover <R2m

Application before year of assessment

SARS approval