Page 20 - Taxation Test 4 Slides - Individuals

INDIVIDUALS & RING FENCING

Right of use of motor vehicles (SILKE par

8.4.6, paras 2(b) and 7 of the 7th Schedule)

• Taxable benefit (on assessment)

• This term refers to the amount as determined in par 7(2) and (4)

above, less any par 7(7) and (8) reductions.

• Although the taxable benefit on assessment is only calculated by

the Commissioner on assessment, you need to be able to calculate

the taxable benefit on assessment when required to calculate

taxable income.

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