FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Joseph, a 48-year-old South African resident, has been an employee of Pay Pick for several years. He ears a monthly salary of R17 000. 20% of Joseph's salary is deducted as employees' tax. In April 2020, Joseph started a side hustle to ear extra income. Joseph did not form a registered company, but he traded under the name"JosephJobs". For the 2024 year of assessment, Joseph made a monthly profit of R6 550 from this side business.The following information relates to Joseph for the relevant years of assessment: Joseph estimates that his earnings for the 2024 year of assessment will beR200 000. He submitted his 2021 tax return on 1 May 2023. He submitted the 2022 tax return on 31 October 2023. He was assessed for his 2021 tax year and received a letter verifying this on 22 June 2023. The assessed tax for the 2021 year of assessment was R270 000 The 2022 tax year was assessed on 24 December 2023 and was R210 000.
REQUIRED:2.1 What is the due date for submitting an individual's first provisional tax return?
2.2 Calculate what Joseph's first provisional tax payment would be for the 2024 year of assessment if the payment were based on the basic amount and not onan estimate.Show all your calculations and round your answers to the nearest rand.
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