Gadaffi is 35 years old. At the beginning of the current year of assessment, his employer...
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Gadaffi is 35 years old. At the beginning of the current year of assessment, his employer bought a new vehicle for R433 000 including VAT. His employer gave him the right to use it. No maintenance plan was included in the purchase cost of the vehicle. He used the vehicle for 9 months in the current year of assessment. The employer is responsible for the services of the motor vehicle and any other wear and tear cost. YOU ARE REQUIRED to determine the taxable benefit from the private use of the motor vehicle that needs to be included in Gadaffi's gross income for the current year of assessment. Gadaffi is 35 years old. At the beginning of the current year of assessment, his employer bought a new vehicle for R433 000 including VAT. His employer gave him the right to use it. No maintenance plan was included in the purchase cost of the vehicle. He used the vehicle for 9 months in the current year of assessment. The employer is responsible for the services of the motor vehicle and any other wear and tear cost. YOU ARE REQUIRED to determine the taxable benefit from the private use of the motor vehicle that needs to be included in Gadaffi's gross income for the current year of assessment.
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To determine the taxable benefit from the private use of the motor vehicle for Gadaffi we can follow ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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