Greenstruct $($Pty$)$ Ltd $($Greenstruct$)$ is a South African company with a $30$ June financial year end and is a registered VAT vendor. The company is an architectural and construction specialist and has a well$-$established national footprint. $($Ignore the effect of VAT$).$

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The following transactions took place during the $2023$ year of assessment:

$1.$ Greenstruct received interest of R$27258$ from an investment at a South African bank.$$

$2.$ Greenstruct negotiated to enter into a contract with a company that does the interior design of large corporate companies, Expert Design $($Pty$)$ Ltd $($Expert Design$).$ The companies signed the contract on $11$ June $2023,$ which stipulated work will commence on $5$ July $2023$ and the completion date is $30$ September $2023.$ The contract makes provision for penalties should the work not be completed by the agreed completion date. After concluding the contract, Expert Design made an upfront payment to Greenstruct of R$350000$ on $25$ June $2023$ in respect of the contract.$$

$3.$ Greenstruct started and completed a contract with Smart Corp $($Pty$)$ Ltd which amounted to R$233500.$ No upfront payment was required by Greenstruct and in terms of the agreed payment terms, Smart Corp $($Pty$)$ Ltd made a payment of R$150000$ on $30$ June $2023$ and the remaining amount was paid on $10$ July $2023.$

Calculate the amount that needs to be included in Greenstruct$$s income for the $2023$ year of assessment.

Question $8$Answer

a$.$

R$177258$

b$.$

R$610758$

c$.$

R$500000$

d$.$

R$527258$

e$.$

R$583500$