INFORMATION: On 1 October 2018, Gaterite Limited commenced operating a business. The company was registered in October 2018 and has a March year end. Trading only commenced on 1 January 2019. However, certain expenditure was incurred between the time of registration in October 2018 and commencement of trading on 1 January 2019. Pre-trade expenditure between1 October 2018 to 31 December 2018 was as follows: Materials purchased R24 000 Three months rental of premises R6 000 Electricity, water and insurance R2 000 The following information relates to the period during which Gaterite was trading i.e. 1 January 2019 to 31 March 2019 Gross income Materials purchased Closing stock Rental of premises Electricity, water and insurance R150 000 R145 000 R110 000 R 9 000 R3 000 22 REQUIRED: Calculate the tax payable by Greenacres Trading for the year of assessment ending 28 February 2019. (7 marks) INFORMATION Greenacres Trading is a registered micro business. Its receipts and expenses for the year ended 28 February 2019 are as follows: Turnover of micro business Interest received Rental from fixed property R 450 000 20 000 48 000 Running costs of micro business Repairs to fixed property 275 000 40 000 INFORMATION: On 1 October 2018, Gaterite Limited commenced operating a business. The company was registered in October 2018 and has a March year end. Trading only commenced on 1 January 2019. However, certain expenditure was incurred between the time of registration in October 2018 and commencement of trading on 1 January 2019. Pre-trade expenditure between1 October 2018 to 31 December 2018 was as follows: Materials purchased R24 000 Three months rental of premises R6 000 Electricity, water and insurance R2 000 The following information relates to the period during which Gaterite was trading i.e. 1 January 2019 to 31 March 2019 Gross income Materials purchased Closing stock Rental of premises Electricity, water and insurance R150 000 R145 000 R110 000 R 9 000 R3 000 22 REQUIRED: Calculate the tax payable by Greenacres Trading for the year of assessment ending 28 February 2019. (7 marks) INFORMATION Greenacres Trading is a registered micro business. Its receipts and expenses for the year ended 28 February 2019 are as follows: Turnover of micro business Interest received Rental from fixed property R 450 000 20 000 48 000 Running costs of micro business Repairs to fixed property 275 000 40 000