Yakie (Pty) Ltd (hereafter Yakie) whose year of assessment ends on 28 February 2022 estimates on...
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Yakie (Pty) Ltd (hereafter Yakie) whose year of assessment ends on 28 February 2022 estimates on 31 August 2021 that it will generate a taxable income of R1 530 000 for the year. According to company records, last assessment was done in 2019 and the taxable income was R975 000. In May 2022 the taxable income of the company for the year of assessment ending 28 February 2022 was calculated to be R1 267 000. You are required to: a) State the date on which the provisional tax payment is due for each period with regard to the year of assessment 28 February 2022. (i.e. first, second and third provisional tax payments) (03) (03) b) Indicate the amounts that are used to calculate those provisional taxes. c) Brief explain in what circumstances do we adjust the amount we used to calculate the provisional tax. (05) Yakie (Pty) Ltd (hereafter Yakie) whose year of assessment ends on 28 February 2022 estimates on 31 August 2021 that it will generate a taxable income of R1 530 000 for the year. According to company records, last assessment was done in 2019 and the taxable income was R975 000. In May 2022 the taxable income of the company for the year of assessment ending 28 February 2022 was calculated to be R1 267 000. You are required to: a) State the date on which the provisional tax payment is due for each period with regard to the year of assessment 28 February 2022. (i.e. first, second and third provisional tax payments) (03) (03) b) Indicate the amounts that are used to calculate those provisional taxes. c) Brief explain in what circumstances do we adjust the amount we used to calculate the provisional tax. (05)
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a The due dates for the provisional tax payments with regard to the year of assessment ending 28 Feb... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Posted Date:
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