Question 3 ( 2 8 Marks ) John Weak is a South African resident who works as
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John Weak is a South African resident who works as a tailor. He has not registered a company and works as a sole trader. John requires your advice in filling his tax returns. During the year ended February John received the following income in his bank account.
tableIncome from shoe business,Purchase of shore repair material,Income: Interest earned note Loan received: Uncle Thabo,Purchase: School uniform,Purchase: Food,Purchase:Other Personal items,Purchase: telephone personalPurchase: Telephone business
Note :
The interest income is exempt from taxation.
Required
Calculate the tax liability of John Weak for the year ended February If an amount is excluded then provide a reason for this. Marks
The receiver of revenue issued an assessment to John which included the R loan as income and therefore taxable. John disagrees with this assessment, what steps can he take to challenge this decision. marks
What steps does John need to follow to lodge a notice of objection? Marks
Does John needs to register as a taxpayer? Please provide a reason for your answer Marks
Communication and clarity: Mark
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