QUESTION $2(12$ marks$)$

Katlego $($Pty$)$ Ltd is a company selling designer glassware. It is not a small business corporation as defined

in the Income Tax Act and its year of assessment ends on $31$ August $2024.$ The financial accountant

provides you with the following information:

Year of

assessment

Taxable

income

Date of assessment Note

$2022$ R$83420025$ August $2023$ Includes a taxable capital

gain of R$17500$

$2023$ R$99870010$ February $2024$ Includes a taxable capital

gain of R$10000$

$2024$ R$900600$ Estimated $-$ not yet assessed No taxable capital gain

REQUIRED MARKS

a$.$ Calculate the first and second provisional tax payments for the $2024$ year of

assessment of Katlego $($Pty$)$ Ltd$.$ Provide brief reasons why you selected the basic

amount for the first and second provisional tax payment calculations. Also state

the latest date by which each payment must be made.

$10$

b$.$ State which provisional tax payment$($s$)$ should be paid on $28$ February $2025,$

assuming the actual taxable income for the $2024$ year of assessment was

R$1200000.$ Your answer must provide which payment and for what year: e$.$g$.$The

second provisional payment for the $2024$ year$.$ No calculations are required.