Protea $($Pty$)$ Ltd is a small business corporation as defined in the Income Tax Act and its year of assessment ends on $31$ January $2024.$ The following information is presented to you:

Tax year Taxable income Date of ITA$34$ notice of assessment

$2021$ R$39105007$ November $2021$

$2022$ R$427000027$ July $2023$

$2023$ R$5100300$ Not yet assessed

$2024$ R$5890700$ Estimated $$ not yet assessed

a$.$ Calculate the first provisional tax payment that Protea $($Pty$)$ Ltd would have made for the $2024$ year of assessment. Briefly explain why you selected the basic amount for the provisional tax payment calculation. Also state the date that this payment had to be made at the latest.

b$.$ Calculate the second provisional tax payment that Protea $($Pty$)$ Ltd would have made for the $2024$ year of assessment. Also state the date that this payment had to be made at the latest.

Answer rating: 100% (QA)

a To calculate the first provisional tax payment for Protea Pty Ltd for the 2024 year of assessment ... View the full answer