Grace, a $64-$year$-$old South African resident, has been a full$-$time employee at Stellar Enterprises $($Stellar$)$ since $1999.$ Stellar is a major player in the financial services sector. The following information relates to Grace$$s $2024$ year of assessment:

$1.$ Employment income: Grace earned a salary of R$50000$ per month.

$2.$ Bonus: She received an annual performance bonus of R$50000.$

$3.$ Long service award: Grace received a long service award of R$25000$ from

Stellar in recognition of her $25$ years of unbroken dedicated service.

$4.$ Restraint of trade: Grace$$s employment contract with Stellar specifies that she cannot start a financial advisory business or work part$-$time for a competing firm. Her employer has paid her R$200000$ for the restraint of trade.

$5.$ Pension contributions: Stellar and Grace each contributed $3\mathrm{.}5\%$ of her salary to the pension fund monthly up until the day she retired. Grace, who decided to retire on $31$ December $2023$ received the following lump sum payments:

o Pension fund lump sum: R$750000$

o Monthly annuity $($from $1$ January $2024)$: R$15000$

$6.$ Leave pay: Grace received R$15000$ for her unused leave days.

$7.$ Medical expenses: Grace is the primary member of the HealthPlus Medical Scheme and is the sole member of her medical aid plan. During the $2024$ year of assessment, Grace contributed R$2300$ per month, while her employer, Stellar, contributed R$2200$ per month on her behalf. Grace incurred qualifying medical expenses totalling R$50000,$ with R$10000$ reimbursed by the medical aid. After retiring, Grace continued her contributions, paying the full amount of R$4500$ per month from $1$ January $2024.$

$8.$ Capital gain: Grace sold a piece of property, realising a taxable capital gain of R$100000.$

$9.$ Interest income: She earned R$5000$ in interest from her savings account with a local South African bank.

$10.$Accommodation: Stellar provided Grace with temporary residential accommodation in Gauteng from $1$ September $2023$ to $30$ September $2023$ for the time she had to be in Rosebank, Johannesburg to attend conferences on behalf of Stellar. Stellar rented a furnished $4-$bedroom apartment for Linda at a cost of R$30000$ for the month. Stellar also covered the electricity expense of R$2000.$ Grace$$s remuneration proxy for the $2024$ year of assessment is R$600000.$

$11.$Maintenance payment: During the $2023$ year of assessment, Grace$$s husband filed for divorce, resulting in a maintenance order requiring his retirement fund to pay Grace a monthly maintenance of R$6000.$

$12.$Donation: On $1$ February $2024,$ Grace donated R$27000$ to the Hope

Foundation, a qualifying Section $18$A Public Benefit Organisation.

Stellar paid employees tax amounting to R$200000$ during the $2024$ year of assessment.

REQUIRED:

$1\mathrm{.}1$ Calculate Grace$$s taxable income for the $2024$ year of assessment as per the appropriate tax framework applicable to natural persons.

$*$ Include the applicable section of the Income Tax Act as part of your answer and show all calculations.

$*$ Round to the nearest Rand, where applicable.

$*$ If an amount is excluded, state this fact and provide a brief reason for your answer.$(40$ marks$)$

$1\mathrm{.}2$ Calculate Grace$$s tax liability for the $2024$ year of assessment.

Assume that the taxable income is as follows:

$*$ R$750000$ for Retirement fund lump sum benefits $($RFLB$)-$ column $1$

$*$ R$900484$ for other Income and deductions $-$ column $3$