Mavuso is a 43 year old South African resident who was employed by Veg and Fruit limited
Question:
Mavuso is a 43 year old South African resident who was employed by Veg and Fruit limited , a South African company , until November 2022. On 30 November 2022 Veg and Fruit ceased its operations and pension fund that Veg and Fruit limited established for its employees close down. The Veg and Fruit pension fund paid out R80 000 to Mavuso during the year of assessment. All Mazu Mavuso fund contributions have been deducted in the determination of his taxable income. Mazu Mavuso also decided to join a retirement annuity fund , to which he made a total contribution of R70 000 during the 2023 year of assessment. for the 2023 year of assessment Mazu Mavuso 's receipts and expenses were as follows: Salary 720 000 Director’s fees earned 110 000 Local dividend from South African companies 45 000 Pension fund contribution at 6.5% of his salary ? Retirement annuity fund contributions 7 000 Quality medical aid expenses 61 630 Donation to qualify for S18A Public Benefit Organization 6 000
Calculate Mazu Mavuso ‘s taxable income for the 2023 year of assessment.
Expert Answer:
To calculate Mavuso Mavusos taxable income for the 2023 year of assessment w... View the full answer
