Fundamentals Level Skills Module, Paper F6 (LSO)

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2 Fundamentals Level Skills odule, Paper F6 (LSO) Taxation (Lesotho) Section B June 07 Answers and arking Scheme Ukefu (c) inimum chargeable income Principal residence amount (,0,000 x 5%) 5,000 Schooling amount (minor only),000 Secondary residence amount (50,000 x 8) x5%)) 60,000 Vehicle amount: First vehicle (850,000 x 5%),500 Second vehicle (6,000 x 5%) 5,500 Air travel amount (40,000/4 x 3) x0%) 80,000 inimum chargeable income 80,000 7 Tutorial notes: The costs attributable to elder child of Ukefu are excluded because the child is not a minor. The amount for the principal residence is the greater of the market value and the adjusted cost base. The amount for the secondary resident is the greater of the eight times the actual rent paid and eight times the market value of the house. The chargeable income of Ukefu for the year ended 3 arch 07 is 80,000 because it is greater than the declared loss of,700. The provision for minimum chargeable income is not applicable where a taxpayer s income consists solely of employment income or pension income and; if the chargeable income of a taxpayer is greater than the minimum chargeable income. Bolima Diamonds Ltd Fringe benefits payable by Bolima Diamonds Ltd () Accommodation fringe benefit ((9, )*3) 7,900 () Car fringe benefit ((40,000*5%)*3/) 5,750 (3) Utilities fringe benefit (,000*3/) 3,000 (4) edical expenses fringe benefit (exempt) 0 (5) Loan fringe benefit (see working): (,083*3/) 5 Taxable values 47,7 Taxable amount (47,7/0 70) 67,387 FBT (47,7*30%) 4,5 Working: Loan fringe benefit: (5,000*/3*0%) 3,333 (5,000*5%) (,50),083 7 The quarterly fringe benefits are submitted within 4 days after every quarter. (c) If Bolima Diamonds Ltd were a public international organisation (PIO), it would be exempt from both corporation tax and FBT; and the taxable values amounting to 47,7 would form part of the chargeable income of osa. 7

3 3 A person must register for VAT if the value of taxable supplies (including zero-rated supplies) in any -month period exceed the tax threshold of 850,000. VAT payable/refundable Input VAT Opening stock ((5, )*4/4),54 Purchases (6,600,500)*4/4 6,53 Operating expenses: Rent (4,500*4/4) 553 Finance lease (8,000*4/4), Electricity (,300*5/5) Other operating expenses (,00*4/4),375,556 Output VAT Revenue: Zero-rated supplies 0 Taxable supplies (56,600*4/4) 6,95 6,95 Tax refundable (,556 6,95) 4,605 The due date for filing a VAT return for April 07 is on or before 0 ay Tutorial note: Input VAT allowable for opening stock relates to stock acquired in two months prior to registration, which is stock for February and arch in this case. 4 Chargeable gains Sempe Shares Sale proceeds,500 Less: Adjusted cost base (ACB) (,700*5) (4,500) Selling expenses (,500*%) (,) 65,790 Land Proceeds from Government 30,000 Less: ACB ((350,000*5/5)*3/40) (58,333) 6,667 Factory building Insurance proceeds,380,000 Less: Cost incurred on replacement (,30,000) 60,000 Chargeable gains (65, , ,000) 87,457 6 When an asset is destroyed, and insurance proceeds are not wholly reinvested in a similar asset, this is an involuntary conversion of an asset and it is treated as a disposal for tax purposes; however, any gain or loss arising between the insurance proceeds and the adjusted cost base of the asset is not recognised for tax purposes; rather, it will be deferred and recognised in the future, when the new asset is disposed of. What will be recognised will be the difference between the insurance proceeds and the replacement costs. 4 8

4 5 ofokeng Income tax payable Employment income Annual salary 460,500 Housing allowance 46,050 Bonus 5,000 Education allowance 3,05 544,575 Less: Employee superannuation fund contributions 4,000 embership fees 4,000 Car expenses reimbursed 0 (66,000) 478,575 Sitting allowance (76,000/0 95) 80, ,575 Business income Revenue 73,400 Less: Secretarial costs 3,600 Depreciation (8,00*0%*5/),57 (5,7) 48,83 Chargeable income (558, ,83) 606,858 Tax payable: 56,964*0%, ,894*30% 64,968 76,36 Less: Personal tax credit (6,466) Withholding tax on sitting allowance (76,000/0 95) (4,000) PAYE (44,0) Net tax payable,873 The due date of payment of tax liability is on or before 30 June Reimbursed car expenses are business expenses incurred by the employer on behalf of the employee. They should be excluded from employment income of ofokeng because Likuena Flours as the employer would otherwise have been entitled to a deduction had the expenditure been directly incurred by Likuena Flour. 5 6 Soks Electrics Pty (Soks) Income tax instalments for the year ended 3 arch 07 Corporation tax paid for the year ended 3 arch 06 80,400 Less: Withholding tax (3,00) 67,00 Each instalment (67,00*30%) 0,60 9

5 ACT payable Dividends paid on 3 October 06 55,500 ACT (55,500*5/75) 8,500 Less: Instalment paid up on 30 September 06 (0,60) ACT payable 0 Payable on or before 7 November Tutorial note: The liability of the ACT payable will satisfied by the first instalment paid up on 30 September 06. (c) Corporation tax payable for the year ended 3 arch 07 Operating profit as per question 40,000 Add: Annuity payment (40,000,00) 38,800 New equipment purchased,0 Profit on disposal of business asset (,000,000),000 Withholding tax on local interest (4,300/0 9*%),700 65, ,600 Less: Depreciation on new equipment (,0*0%*3/) (,5) Tax exempt income (local dividends) (,75) Chargeable income 474,30 Tax payable (474,30*5%) 8,580 Instalments (0,60*3) (60,480) Withholding taxes: Revenue (5/0*60,000) (3,000) Local interest (,700) Foreign tax credit (30,55*5%) (7,63) Net tax payable 6,

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