Other information: Phila received an annuity of R1 500 a month for the entire 2024 year...

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Other information: Phila received an annuity of R1 500 a month for the entire 2024 year of assessment. She purchased the annuity on 1 March 2005 for R240 000 for a 20 year period. Phila is a very benevolent individual. She contributed R20 000 towards the Cancer Association of South Africa which is a registered PBO. She received the required certificate for her donation. On 30 September 2023, Phila sold her holiday apartment in Knysna for R1 850 000. She purchased the holiday apartment five years ago for R1 200 000. She spent R60 000 on improvements to the apartment before selling it. She also paid agent's commission of R90 000 on the sale of the apartment. Phila has an assessed capital loss of R40 000 from the 2023 year of assessment. You are required to: | Calculate the normal tax liability of Phila Siwela for the year of assessment ended 29 February 2024.Show all calculations either by showing the calculation next to the description of the item or by way of a number in a notes column, and a corresponding note. Other information: Phila received an annuity of R1 500 a month for the entire 2024 year of assessment. She purchased the annuity on 1 March 2005 for R240 000 for a 20 year period. Phila is a very benevolent individual. She contributed R20 000 towards the Cancer Association of South Africa which is a registered PBO. She received the required certificate for her donation. On 30 September 2023, Phila sold her holiday apartment in Knysna for R1 850 000. She purchased the holiday apartment five years ago for R1 200 000. She spent R60 000 on improvements to the apartment before selling it. She also paid agent's commission of R90 000 on the sale of the apartment. Phila has an assessed capital loss of R40 000 from the 2023 year of assessment. You are required to: | Calculate the normal tax liability of Phila Siwela for the year of assessment ended 29 February 2024.Show all calculations either by showing the calculation next to the description of the item or by way of a number in a notes column, and a corresponding note.

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To calculate Phila Siwelas normal tax liability for the year of assessment ended 29 February 2024 we ... View the full answer