Page 32 - F6 - Special Deductions
P. 32
Solution
30 June 2015
Gross-profit %: (R300 000 – 200 000) ÷ R300 000 × 100 =
33,33%
Outstanding debt, excl. VAT and finance charges = R213 607
S 24 debtor’s allowance: 33,33% × R213607 = R71 202
Taxable income calculation:
Capital portion due in terms of contract (s24) R300 000
Interest accrued (s 24J) 51 300
R351 300
Less: Cost of machine sold (s 11(a)) -R200 000
S 24 debtor’s allowance -71 202
Taxable income R80 098
