CAREERS

Senior Accountant

The Senior Accountant is a SAIPA-registered accountant (or equivalent) with extensive experience in all aspects of professional accounting. Their responsibilities include, but are not limited to, drafting annual financial statements (AFS), preparing management and interim accounts, and compiling all supporting working papers for balance sheet and nominal accounts.

They are a registered tax practitioner with SARS and are highly competent in tax preparation and advisory services for both corporate and individual clients. This includes the submission of ITR14s, ITR12s, ITR12Ts, dividend withholding tax, VAT, PAYE, IRP5s, and handling tax objections and appeals.

A relevant accounting degree with SAIPA, SAICA, or an equivalent professional board qualification is required.

Market-related salary.

Assessment Application

Full Name*

Email*

Phone*

Disclaimer*: This is Part 1 of the application process. Should you pass you will be contacted to take another test. You must complete the assessment within 90 minutes. No other browsers or tabs should be opened, as this may result in automatic disqualification. Answer all questions in detail and show all calculations where applicable. On the final page of the assessment, you will be required to upload your CV and latest payslip to complete your application.

What is the tax threshold for the tax year?

accounting bookeeper questions table information ftsa

R95,750

R16,425

R17,235

R91,250

None

1 out of 34

What is the difference between net salary and gross salary?

Gross salary is the amount taken home after all deductions have been accounted for and Net salary is the amount before any deductions have been accounted for.

Net salary is the amount taken home after all deductions have been accounted for and Gross salary is the amount before any deductions have been accounted for.

No difference

None

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What is PAYE (Pay As You Earn)? How is it calculated?

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What is UIF? How is it calculated?

Unit Investment Fund. Calculated at 2% of earnings

Unemployment Insurance Fund. Calculated at 1% of earnings

User Interface Framework. Calculated at 1% of earnings

Unemployment Insurance Fund.Calculated as 1% of income for the employee and 1% for the employer.

None

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Who is excluded from contributing to UIF?

Employed by the employer for less than 24 hours a month

Everyone must pay UIF

People who are not interested

Non South African citizens

None

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How is UIF declared/submitted and when is payment due?

SARSefiling and Ufiling

SARSefiling only

Ufiling only

Easyfile

None

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Mr A (aged 73) earns R10 000 per month. What will be his monthly statutory deductions?

R363.75

R100

R120

None

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When should an individual register for income tax?

When you start to earn a salary which will be subject to tax

Not a requirement to register

Each and every employee must register for income tax

When my salary is R8,010

None

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What additional normal tax rebates are available for individuals over 75 years?

R17,235

R3,145

R9,444

Tax Exempt

None

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10.

What is the threshold for the contribution to SDL(Skills Development Levy)?

R500,000

There is no threshold therefore everyone must register

R1,000,000

R50,000

None

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11.

Mr A (aged 47) earns R10 000 per month. He contributes to a medical aid for himself and his wife. What are his monthly statutory deductions?

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12.

Employee B (aged 40) earns R3 500 per week. What is his PAYE (Pay As You Earn) per week?

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13.

Employee C (aged 34) earns R3 500 per fortnight. What is his PAYE per month?

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14.

Employee D receives R 5000 per month travel allowance. How much of this will be included in his taxable income?

R5,000

R1,000

R500

R4,000

None

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15.

What is the due date for the submission and payment of the EMP201?

Usually 7th of the next month but we must consider the business days in that month

The 25th of every month

The last day of every month

Every 6 months

None

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16.

What are the financial implications should the EMP201 be submitted and paid late?

No penalties

R1000

10% penalty once off and interest charges at SARS prescribed rate

Interest only

None

16 out of 34

17.

What is an ETI (Employer Tax Incentive)? Who qualifies for this and how does it effect the EMP201?

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18.

Who pays provisional tax? How many provisional tax payments are allowed? When are provisional tax submissions and payments due?

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19.

What is VAT? How much is levied before and after 31 March 2018? When should registration for VAT be compulsory? What is voluntary registration?

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20.

If my client has R700 000 taxable sales and R350 000 exempt sales must he register for VAT?

R105,000

His taxable income is below R1,000,000 therefore he does not need to register for VAT

R91,304.30

R150,000

None

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21.

Detail the different VAT categories.

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22.

What are zero rated supplies? List examples in addition to your answer

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23.

What are exempt supplies? List examples in addition to your answer.

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24.

My client has exempt sales of R100 000 and has incurred expenses relating to those exempt sales of R50 000 (VAT Inclusive). How much can he claim back on his expenses in terms of input VAT?

Since his sales are exempt he cannot claim any input VAT

R7,500

R6,521.74

R50,000

None

24 out of 34

25.

My client offers commercial accommodation whose customers stay in excess of 28 days continuously. He has taxable income of R150 000(VAT Inclusive) from those customers. What portion is subject to output VAT?

R22,500

R19,565.20

The full R150,000 will be subject to VAT

R90,000

None

25 out of 34

26.

How should the VAT vendor account for VAT? Explain the different methods.

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27.

When is the VAT return due for submission and payment?

For EFT and credit push by the last working day of the month

25th of the month

7th of the month

Due every second month before the 25th

None

27 out of 34

28.

What are the penalties in place for late submission and payment of the VAT201?

No penalties

10% penalty once off and interest charged at the SARS prescribed rate

Interest only

R1,000

None

28 out of 34

29.

What are the requirements for a valid tax invoice?

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30.

What are imports? Where are they disclosed on the VAT return?

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31.

What are exports? Where are they disclosed on the VAT return?

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32.

What is a VAT review/audit?

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33.

What is a VAT217? If you should receive a VAT217 what are the possible solutions available to you and the taxpayer?

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34.

Upload Your CV

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35.

Upload Your Latest Payslip

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! Info

34 out of 34

OUR PROFESSIONAL

Accreditations

ftsa-south-african-trust-institution-taxation-accredited

tsa-south-african-institute-professional-accountants

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