KLM Ltd filed their tax return for the 2016 year of assessment (ending 29 February 2016) and is assessed on 1 August 2016 with taxable income of R4 300 000.
KLM Ltd’s assessment for the 2015 year of assessment was issued on 20 August 2015 and reflected assessed taxable income of R3 250 000. KLM Ltd’s 2014 assessment dated 30 November 2014 reflected taxable income of R2 400 000. The taxable income for the 2014 year of assessment includes a taxable capital gain of R50 000 and the taxable income for its 2015 year of assessment includes a taxable capital gain of R30 000.
KLM Ltd has based the first and second provisional tax payments for 2016 on the basic amount and submitted on time. The first provisional tax payment was only paid on 1 December 2015 and the second provisional tax payment was only paid on 1 May 2016.
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