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2021 - Tax 1 > List of Transactions > Flashcards

List of Transactions Flashcards

1
Q

annuities received?

A

special inclusion
exempt income if purchased

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2
Q

alimony / maintenance rec?

A

special inclusion
exempt

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3
Q

payments rec for services rendered?

A

includes employment
special inclusion

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4
Q

restraint of trade payments?

A

special inclusion
prohibited deduction
specific deduction

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5
Q

lump-sum rec from variation of office?

A

special inclusion

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6
Q

monthly pension rec?

A

special inclusion

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7
Q

know-how payments?

A

special inclusion

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8
Q

local interest rec?

A

GI definition
exempt income

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9
Q

dividends rec?

A

special inclusion
exempt income

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10
Q

uniform allowance rec?

A

exempt income

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11
Q

remuneration for persons employed outside SA rec?

A

exempt income

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12
Q

study loans / bursary exemptions rec?

A

exempt income

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13
Q

funeral benefits rec?

A

exempt income

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14
Q

insurance benefits by employer to employee rec?

A

exempt income

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15
Q

unemployment benefits rec?

A

exempt income

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16
Q

policy payouts of individually owned insurance rec?

A

exempt income

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17
Q

relocation allowances rec?

A

special inclusion
exempt income

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18
Q

portion of an employee’s remuneration withheld by employer to be paid to SARS?

A

exempt income

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19
Q

war pension?

A

exempt income

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20
Q

disability pension?

A

exempt income

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21
Q

workman’s compensation?

A

exempt income

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22
Q

road accident fund?

A

exempt income

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23
Q

social security outside the republic?

A

exempt income

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24
Q

bonuses received?

A

special inclusion

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25
Q

house rental income?

A

GI definition

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26
Q

tax-free investment?

A

interest is exempt and contributions not deductible

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27
Q

job salary?

A

special inclusion

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28
Q

costs of maintenance for taxpayer / family / home?

A

prohibited deduction

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29
Q

domestic/private expenses?

A

prohibited deduction

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30
Q

insurred losses?

A

prohibited deduction

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31
Q

any tax imposed under Tax Act?

A

prohibited deduction

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32
Q

provisions?

A

prohibited deduction

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33
Q

expenses incurred to earn exempt income?

A

prohibited deduction

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34
Q

expenses incurred to earn foreign divs?

A

prohibited deduction

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35
Q

notional interest?

A

prohibited deduction

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36
Q

fines and corrupt activities?

A

prohibited deduction

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37
Q

payment of insurance policy premiums which cover death, dis, injury, unemp?

A

prohibited deduction

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38
Q

interest expense?

A

specific deduction if for prod of income

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39
Q

legal expenses?

A

specific deduction

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40
Q

bad debts?

A

specific deduction

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41
Q

doubtful debts?

A

specific deduction

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42
Q

employer contributions to funds?

A

specific deduction

43
Q

annuities paid to former employees on retirement?

A

specific deduction

44
Q

repayment of employee benefits?

A

specific deduction

45
Q

registering intellectual property?

A

specific deduction

46
Q

acquiring intellectual property?

A

specific deduction

47
Q

donation to PBO?

A

specific deduction per s18A

48
Q

salary from employment?

A

special inclusion

49
Q

interest received?

A

GI definition

50
Q

foreign dividend received?

A

special inclusion
exempt income

51
Q

paying salaries and wages?

A

general deduction

52
Q

rental income received?

A

GI definition

53
Q

rental expense paid?

A

general deductions

54
Q

bonus received?

A

special inclusion (services rendered)

55
Q

interest from tax-free investment?

A

GI definition
exempt income

56
Q

lump sum paid ito general employment policy?

A

general deduction

57
Q

interest / penalty imposed by SARS?

A

prohibited deduction

58
Q

expenses relating to employment?

A

prohibited deduction, unless commission earner

59
Q

expenses relating to holding of office?

A

prohibited deduction, unless commission earner

60
Q

expenditure to earn foreign divs?

A

prohibited deduction

61
Q

settlement rec from a legal dispute?

A

GI definition

62
Q

insurance proceeds rec?

A

GI definition

63
Q

opening bal of inventory?

A

decreases GI as per s22(2)

64
Q

closing bal of inventory?

A

increases GI as per s22(1)

65
Q

purchases of inventory?

A

general deduction

66
Q

prepaid expenses due to legislation?

A

s23H does not defer – claim deduction

67
Q

trading stock received for no consideration?

A

SARS practice deduction
value = MV (s22(4))

68
Q

trading stock consumed other than normal sale?

A

s22(8) recoupment (add)

69
Q

lease premium paid?

A

specific deduction (if req met)

70
Q

lease premium received?

A

special inclusion

71
Q

leasehold improvement impact on lessor?

A
  • special inclusion
  • no capital allowance
72
Q

leasehold improvement impact on lessee?

A
  • specific deduction
  • capital allowance
73
Q

relief for the lessor?

A

specific deduction

74
Q

relief for the lessee?

A

s13 allowance on excess portion (5%)

75
Q

allowance on movable asset (trade)?

A

s11(e)

76
Q

allowance on movable asset (manu)?

A

s12C

77
Q

allowance on immovable (manu)?

A

s13(1)

78
Q

allowance on immovable (trade)?

A

s13quin

79
Q

allowance on residential units?

A

s13sex

80
Q

allowance on farming equipment?

A

s12B

81
Q

allowances for small bus corp?

A

s12E

82
Q

what is the tax value?

A

initial cost less all allowances to date

83
Q

how to calculate recoupment/scrapping allowance?

A

selling price ltd. to cost - tax value

84
Q

how to calculate the capital gain?

A

proceeds less base cost

85
Q

what are proceeds?

A

selling price less recoupment/any amts currently in GI

86
Q

what is the base cost?

A

initial cost less all allowances to date

87
Q

CGT consequences for primary residence?

A

CG disregarded up to R2 million

88
Q

CGT consequences for personal use assets?

A

disregard full gain or loss unless excluded from definition

89
Q

CGT consequences for gambling/games/comps?

A

disregarded

90
Q

CGT consequences for PBO donations?

A

disregarded

91
Q

CGT consequences for large boats/aircrafts?

A

disregard losses

92
Q

donation of an asset?

A

deemed to be disposed of at MV

93
Q

distribution of an asset as dividend?

A

deemed to be disposed of at MV

94
Q

using a capital now as TS?

A

deemed to be disposed of at MV

95
Q

asset is disposed of to connected person

A

deemed to be disposed of at MV

96
Q

recoupment/scrapping allowance on a non-allowance asset?

A

no

97
Q

travel allowance?

A

s8(1) inclusion
reduced by business portion

98
Q

subsistence allowance

A

s8(1) inclusion
reduced if for business purposes

99
Q

reimbursement allowance for duties in furtherance of trade?

A

s8(1) exclusion

100
Q

deductions for employees?

A

limited by s23(m)

101
Q

employee contributions to fund?

A

s11F deduction

102
Q

employer contributions to fund?

A

special inclusion for fringe benefit
s11F deduction
(deemed contributions)

103
Q

new rebate amounts?

A

15714
8613
2871

104
Q

employer contributions to medical scheme?

A

special inclusion for fringe benefit
s6A deduction
(deemed contributions)

2021 - Tax 1 (15 decks)

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