Question

LAZY ACCOUNTING STUDENT (Pty) Ltd is a small and medium sized company that sells 

financial calculators and other stationery to students across the country and who’s 

year end is the last day of February. 

The following financial data is available:

 For the 2020 year of assessment the estimated taxable income for the first six 

months is N$500 000.

 Estimated taxable income for the second six months of the year is N$250 000.

 The actual income for the year was N1000 000.

REQUIRED:

a.) Calculate the first provisional tax payment for Lazy Accounting student (Pty) Ltd for 

the 2020 year of assessment and provide the date on which this payment is due. (4)

b.) Calculate the second provisional tax payment for Lazy Accounting student (Pty) Ltd

for the 2020 year of assessment and provide the date on which this payment is due

to the receiver. (3)

Answer 1

a)

$$0.13\times500000=65000$$

01.04.20

b)

$$0.13\times1000000=130000$$

01.03.2021