TY is resident in Country X.
TY’s statement of profit or loss for year ended 30 September 2013 was as follows:
R Revenue 950,000
Cost of sales (550 000)
Gross profit 400,000
Administrative expenses (132,000)
Taxes paid to other public bodies (1,900)
Entertaining expenses (1,200)
Depreciation of plant and equipment (47,500)
Distribution costs (42,000)
175 400
Finance cost (3 500)
Profit before tax 171,900

TY has accumulated tax losses of R125,000 brought forward from 2011/12. TY owns plant and equipment purchased on 1 October 2010 at a cost of R385,000 and plant purchased on 1 October 2012 at a cost of R90,000. TY charges depreciation at 10% per year on a straight line basis on all non-current assets.

Required:

Calculate the tax payable by TY for the year ended 30 September 2013.

Answer rating: 100% (QA)

Rwenue Amt Lout of Aace Amt 950000 550000 Adninistrakix expunse 400000 Tax paid to otex p... View the full answer