- 2022 Tax Year 1 March 2021 28 February 2022 Taxable Income R 1 216 200 216 201 337 800 337 801 467 500 467 501 6 1 (97.16 KiB) Viewed 11 times
- 2022 Tax Year 1 March 2021 28 February 2022 Taxable Income R 1 216 200 216 201 337 800 337 801 467 500 467 501 6 2 (97.16 KiB) Viewed 11 times
- 2022 Tax Year 1 March 2021 28 February 2022 Taxable Income R 1 216 200 216 201 337 800 337 801 467 500 467 501 6 3 (162.97 KiB) Viewed 11 times
2022 tax year (1 March 2021-28 February 2022) Taxable income (R) 1-216 200 216 201 - 337 800 337 801 467 500 467 501 - 613 600 613 601 782 200 - 782 2011 656 600 1 656 601 and above Rates of tax (R) 18% of taxable income 38 916 +26% of taxable income above 216 200 70 532 +31% of taxable income above 337 800 year of 110 739 + 36% of taxable income above 467 500 163 335 +39% of taxable income above 613 600 229 089 +41% of taxable income above 782 200 587 593 +45% of taxable income above 1 656 600 END OF PAPER
1. Ryan received a travelling allowance of R72 000 (R6 000 a month) from his employer. He used two vehicles during the year of assessment. 2. Vehicle 1 was purchased second-hand (actual retail market value) for R215 000 (including VAT) and was traded in for vehicle 2. 3. Vehicle 2 (new) cost (actual retail market value) R310 000 (including VAT). 4. During the year of assessment, he used vehicle 1 for 106 days and vehicle 2 for 259 days. He did not keep accurate records of costs incurred. 5. He travelled 10 231 km in vehicle 1 during the 2021 year of assessment and 20 880 km in vehicle 2. 6. His log-books showed that he travelled 4 027 business km in vehicle 1 and 8 085 business km in vehicle 2 during the 2022 year of assessment. YOU ARE REQUIRED: Calculate the taxable amount of the travel allowance for the year of assessment ending in 2022. on 2 (40 Marks)