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Last month Thanda Zulu sold his business in South Africa lock. Last month Thanda Zulu sold his business in South Africa “lock, stock and barrel”, in its entirety to Royals Limited, he sold all his business assets to it. He had been trading as a sole trader.

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He originally wanted R1 000 000 for his business, but settled for a selling price of R600 000, payable on the date of the sale agreement and an amount equal to 30% of the net after tax income of his former business for each of its next three years of assessments. Should it achieve its budgeted results, the total amount that he will receive will be R1 000 000. Determine and discuss the amount to be included in Thanda Zulu’s 2016 to 2019 gross income as a result of him selling his business. Answer. Created with AI. To determine the amount to be included in Thanda Zulu’s gross income for the years 2016 to 2019 as a result of selling his business, we need to consider the different components of. Related Answered Questions. Summarize the Cohen v CIR 13 SATC 362 and the CIR v Kuttel 54 SATC 298 with regards to the ‘ordinarily resident’ test as determined by the Income Tax Act 58 of 1962. Depreciation and assets Depreciation, which amounted to R243 000 in respect of the assets below, was calculated, and deducted. Tuppy donated electronic office equipment with a total cost price of R120 000 to a local school on 1 December 2023 for no consideration. The market value of the equipment was R160 500 on 1 December 2023. The equipment was originally purchased on 1 December 2022. No section 18A certificate was received for this donation. The company purchased a computer software program on 1 June 2023 for R140 000 (including VAT) and brought it into use on the same date. Binding general rule No. 7 allows for the following write off periods for assets (where applicable): • Electronic office equipment 3 years • Computer software 2 years. If the company was a small business corporation as defined in the Income Tax Act, determine which capital allowance would be more beneficial for the company in the short term with regards to the computer software program (Note 6). Mr. and Mrs. Chaba, who are married out of community of property, both residents of the Republic, acquired a 1 000 m² piece of land in the Edenvale area of Johannesburg for R450 000 on 1 January 2017. Their intention was to build their primary residence on this land. Construction of the house commenced on 1 April 2018, and was completed on 1 November 2019, at a cost of R2 500 000. They moved into the residence on the completion date. From 1 November 2019, Mr. Chaba used the study in the residence as an office for his consulting business, occupying approximately 15% of the residence’s total floor space for business purposes. Consequently, each year, Mr. Chaba claimed 15% of the residence’s holding and upkeep expenses as an income tax deduction. An additional living room was later added to the residence at a cost of R320 000. Construction of the living room commenced on 1 June 2020 and was completed on 31 December 2020. While the builders were on-site, they also repaired the leaking roof at an extra expense of R125 000. The residence was sold for R4 200 000 on 10 February 2024, the day the seller and the buyer signed the purchase agreement. Registration in the purchaser’s name only took place on 25 March 2024. Discuss, supported with calculations, the capital gains tax implications arising from Mr. and Mrs. Chaba’s residence for the 2024 year of assessment. Refer to the date of disposal of the residence as per the provisions of the Eight schedule of the Income Tax Act No 58 of 1962. Mr. and Mrs. Chaba, who are married out of community of property, both residents of the Republic, acquired a 1 000 m² piece of land in the Edenvale area of Johannesburg for R450 000 on 1 January 2017. Their intention was to build their primary residence on this land. Construction of the house commenced on 1 April 2018, and was completed on 1 November 2019, at a cost of R2 500 000. They moved into the residence on the completion date. From 1 November 2019, Mr. Chaba used the study in the residence as an office for his consulting business, occupying approximately 15% of the residence’s total floor space for business purposes. Consequently, each year, Mr. Chaba claimed 15% of the residence’s holding and upkeep expenses as an income tax deduction. An additional living room was later added to the residence at a cost of R320 000. Construction of the living room commenced on 1 June 2020 and was completed on 31 December 2020. While the builders were on- site, they also repaired the leaking roof at an extra expense of R125 000. The residence was sold for R4 200 000 on 10 February 2024, the day the seller and the buyer signed the purchase agreement. Registration in the purchaser’s name only took place on 25 March 2024. REQUIRED: Discuss, supported with calculations, the capital gains tax implications arising from Mr. and Mrs. Chaba’s residence for the 2024 year of assessment. Note: • Refer to the date of disposal of the residence as per the provisions of the Eight schedule of the Income Tax Act No 58 of 1962. Mr. and Mrs. Chaba, who are married out of community of property, both residents of the Republic, acquired a 1 000 m² piece of land in the Edenvale area of Johannesburg for R450 000 on 1 January 2017. Their intention was to build their primary residence on this land. Construction of the house commenced on 1 April 2018, and was completed on 1 November 2019, at a cost of R2 500 000. They moved into the residence on the completion date. From 1 November 2019, Mr. Chaba used the study in the residence as an office for his consulting business, occupying approximately 15% of the residence’s total floor space for business purposes. Consequently, each year, Mr. Chaba claimed 15% of the residence’s holding and upkeep expenses as an income tax deduction. An additional living room was later added to the residence at a cost of R320 000. Construction of the living room commenced on 1 June 2020 and was completed on 31 December 2020. While the builders were on-site, they also repaired the leaking roof at an extra expense of R125 000. The residence was sold for R4 200 000 on 10 February 2024, the day the seller and the buyer signed the purchase agreement. Registration in the purchaser’s name only took place on 25 March 2024. Discuss, supported with calculations, the capital gains tax implications arising from Mr. and Mrs. Chaba’s residence for the 2024 year of assessment.

Thanda dating south africa

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