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TAXN7321W - Taxation Accounting And Finance
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Assignment Task
Questions
1. HQ Connect (Pty) Ltd (referred to hereunder as HQC), is a resident company that sells various technological products, including smartphones and tablets. The company is a small business corporation as defined in the Income Tax Act and its financial year ends on the last day of March.
2. Gerald De Beer is a 38-year-old vibrant, outgoing young man who has been employed as a digital artist at InnovateTech Solutions.
3. Liam Patel is a 58-year-old South African resident, married out of community of property to Emily. The couple have been married for the past 20 years and live in Johannesburg. During the current year of assessment,
4. The individuals’ tax table for the tax period 01 March 2023 – 28 February 2024
| Taxable Income (R) | Rates of tax (R) |
| 0 - 237 100 | 18% of taxable income |
| 237 101 - 370 500 | 42 678 + 26% of the amount over 237 100 |
| 370 501 - 512 800 | 77 362 + 31% of the amount over 370 500 |
| 512 801 - 673 000 | 121 475 + 36% of the amount over 512 800 |
| 673 001 - 857 900 | 179 147 + 39% of the amount over 673 000 |
| 857 901 - 1 817 000 | 251 258 + 41% of the amount over 857 900 |
| 1 817 001 + 644 489 | 644 489 + 45% of the amount over 1 817 000 |
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