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Question 1 Not yet answered Marked out of 7 A- Consider the information based on Natasha Romanoff and answer the questions that follow. Natasha Romanoff is 65 years old and she retired from her provident preservation fund on 1 March 2022. The total retirement fund credit that accrued to her is R4 500 000 and she elected to take half of the lump sum in cash. She previously retired from a retirement annuity on 1 March 2008 and received a lump sum of R750 000. Natasha divorced her husband Bruce Banner in December 2015 and was entitled to half of his pension fund credit. She received R720,000. Natasha resigned from her previous employment in September 2008 and received a withdrawal benefit of R660 000. As per sTIF R280 000 of her contributions to retirement funds were not allowed as a deduction. She also owes arrears income tax of R2 900 Determine the taxable lump sum and the tax payable on the taxable lump sum for the current year of assessment B 1 1:31.9 Type here to search P Flag question O Time left 2:23:53 hp 22°C Mc Question 1 Not yet answered Marked out of 7 A- Consider the information based on Natasha Romanoff and answer the questions that follow. Natasha Romanoff is 65 years old and she retired from her provident preservation fund on 1 March 2022. The total retirement fund credit that accrued to her is R4 500 000 and she elected to take half of the lump sum in cash. She previously retired from a retirement annuity on 1 March 2008 and received a lump sum of R750 000. Natasha divorced her husband Bruce Banner in December 2015 and was entitled to half of his pension fund credit. She received R720,000. Natasha resigned from her previous employment in September 2008 and received a withdrawal benefit of R660 000. As per sTIF R280 000 of her contributions to retirement funds were not allowed as a deduction. She also owes arrears income tax of R2 900 Determine the taxable lump sum and the tax payable on the taxable lump sum for the current year of assessment B 1 1:31.9 Type here to search P Flag question O Time left 2:23:53 hp 22°C Mc
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Taxable lump sum R4 500 000 R750 000 R720 000 R660 000 R280 000 Tax payable on lump su... View the full answer
Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
Posted Date:
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