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Assignment Task :

Question 1 Mark Thatcher, a senior tax manager at Queen Bee Tax Consultants presented a session on the introduction to taxation. This is part of the curriculum of the firm’s tax trainees as part of their induction programme. Each participant was provided with the questions listed below. Your friend working at Queen Bee Tax Consultants asked you to assist him with the questions as he knows you are busy studying taxation at Varsity College.    

Required: 

Q.1.1 On which date and by whom was the 2020 State of the Nation Address presented in (2) Parliament? 

Q.1.2   What was the theme for the 2020 State of the Nation Address? (1) 

Q.1.3 On which date and by whom was the 2020/2021 Budget Speech delivered in (2) Parliament? 

Q.1.4 Motivate, in your own words, whether the State of the Nation Address influenced (5)

Question 2  Jamie Nigel (a South African resident) retired on 30 September 2020 at the age of 65 years from his employer (Incredible Foods (Pty) Ltd) by whom he was employed for the past 30 years. Jamie is married out of community of property, without the accrual system. Jamie retired from his retirement annuity fund on 30 September 2015 (at the age of 60 years) and received a lump sum payment of R900 000 from the fund. He used R600 000 of the lump sum to buy a 45% interest in a partnership.   

He did not sell his interest in the partnership when he retired from employment on 30 September 2020. He is now involved in the partnership on a full?time basis. The preliminary taxable income of the partnership was R735 800 for the period 1 March 2020 to 28 February 2021. 

The following amounts were considered in calculating the R735 800 preliminary taxable income of the partnership: 

• Interest received from surplus funds invested in a SA bank account                   

  • Bad debts written off (Note 1)                                                                                       

• Donation made to a PBO (the s18A certificate was obtained)                                    

• Medical aid fund contributions paid by the partnership (Note 2)                           

Additional information: 

Note 1 – The bad debts relate to sales that were made before Jamie became a partner of the partnership

Note 2 – The partnership paid Jamie’s monthly contributions of R3 750 from 1 October 2020. The balance of the contributions paid by the partnership relates to the medical aid fund of the other partner. 

Required: 

Q.2.1 Calculate the impact of the information relating to the partnership only on the (15)taxable income of Jamie for his 2021 year of assessment. Start your calculation with the partnership’s taxable income of R735 800. Please provide reasons where no adjustments are necessary. Marks will be allocated. 

Round your answers to the nearest Rand. 

Question 3   Pink Panther (a South African resident) is an elusive jewel thief. He stole loose diamonds to the value of R20 000 000 from De Beers. He fenced the stolen diamonds on 28 February 2021 on the black market and received the bitcoins on 2 March 2021. 

 

Required: 

Q.3.1 You have been appointed by SARS to argue whether the income generated from (10) the sale of the stolen diamonds will constitute grossincome. Please include a brief description, in your own words, of applicable case law (if any). 

Question 4  tacey Lang, 48 years old, has lived in George for the past 30 years. Stacey was relocated in the current year to Johannesburg after accepting an executive director position at ABC’s Head Office. Stacey started in her new position on 1 August 2020. Stacey sold or donated the following assets on 28 July 2020, before moving to Johannesburg: 

 

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  • Posted on : October 07th, 2018
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