TAX3701 Assignment 2 Semester 1 Memo | Due 17 April 2025

Description

TAX3701 Assignment 2 Semester 1 Memo | Due 17 April 2025. All questions fully answered.

QUESTION 1 (30 marks, 54 minutes)

Lucky Dlamini Steel (Pty) Ltd (LDS) manufactures a wide variety of steel products for the building industry in South Africa. LDS is a small business corporation as defined in the Income Tax Act. LDS’s financial year ends on 28 February 2025 and the company is also a registered VAT vendor. LDS only makes taxable supplies and have all the valid tax invoices in support of expenses incurred and payments made. The accountant provides you with the following information for the two-month VAT period ending on 28 February 2025. All amounts stated excludes VAT, unless specifically stated otherwise: INCOME/RECEIPTS NOTE AMOUNT R Sales to South African customers 1 1 575 000 Sales to customers……….