Question 3 Year Of Assessment You Are Required 20 Marks Marvin Sells Computer Equipment And Is Objecting To An Asses 1 (126.06 KiB) Viewed 9 times
Question 3 Year Of Assessment You Are Required 20 Marks Marvin Sells Computer Equipment And Is Objecting To An Asses 2 (82.04 KiB) Viewed 9 times
Question 3 year of assessment. YOU ARE REQUIRED: (20 Marks) Marvin sells computer equipment and is objecting to an assessment received from SARS. During the current year of assessment (28 February), Marvin donated second-hand office equipment to a local radio station. In return, the radio station agreed to broadcast 'specials' that Marvin had on certain computer products for the week. SARS taxed the value of the office equipment donated to the radio station and stated that the donation fell within the definition of gross income. Marvin believes otherwise. Discuss all the gross income requirements that Marvin should bear in mind when preparing the objection of the assessment. (Assume that Marvin is a resident of the Republic.)
2022 tax year (1 March 2021 - 28 February 2022) Rates of tax (R) 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 18% of taxable income 38 916 +26% of taxable income above 216 200 70 532 +31% of taxable income above 337 800 110 739 + 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
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