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:$$ BCom FM Taxation for Indi...

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Explain, with reasons, the impact of each transaction on the normal tax calculation of Preeya Naidoo for the year of assessment ended $28$ February $2024.$

QUESTION $2$

$[20$ Marks$]$

Peter presented you with the following information that relates to the $2024$ year of assessment:

A salary of R$350000$ was earned from A$1$ Traders, where he was employed from $1$ March $2023$ to $30$ November $2023.$ The total PAYE deducted by the employer amounted to R$75000.$

The total salary earned from Y$-$Dot Trading, where Peter was employed from $1$ December $2023$ to $28$ February $2024,$ amounted to R$125000.$ The accountant deducted a total of R$20000$ in respect of PAYE.

The HR policy of Y$-$Dot Trading stipulates that membership to a recognised medical aid is compulsory. Peter joined FIT$-$medical aid effective $1$ December $2023$ at a monthly rate of R$1500.$

Peter joined a retirement fund effective $1$ December $2023$ at a monthly fee of R$1000.$

The total interest on investment earned during the year of assessment amounted to R$28800.$

Foreign dividends of R$2000$ were received during the year of assessment.

Peter sold the townhouse he inherited from his grandlather for R$850000$ during January $2024.$ The total taxable capital gains realised on this sale amounted to R$15000.$

You are required to:

Calculate the tax liability of Peter for the year of assessment ended $28$ February $2024.$