Question $2$

$(31$ marks$)$

In the $2022$ year of assessment, Luyanda resigned and withdrew R$2000000$ from his pension fund. He transferred $50\%$ of this pension fund to a pension preservation fund. In the $2023$ year of assessment, Luyanda received a withdrawal benefit of R$380000$ from the pension preservation fund. In the $2024$ year of assessment she retired and received a retirement benefit of $R800000.$

YOU ARE REQUIRED TO:

Calculate the tax payable by Luyanda for the following years of assessment: Show all your calculations

In the $2022$ year of assessment

In the $2023$ year of assessment

In the $2024$ year of assessment

$7$ marks

$11$ marks

$13$ marks

$5$

HTAX$201-1-$Jan $-$ June $2024-$FA$1-$AM$-$V$2-25012024$

Question $3$

$(12$ marks$)$

Ntabie is the owner of Brown Dee Limited $("$BD$").$ BD purchased a delivery vehicle on $1$ March $2022$ for an amount of R$280000.$ BD was entitled to a S$11($e$)$ allowance of $20\%$ on the delivery vehicle.

The delivery vehicle was sold on $1$ November $2023$ for an amount of R$300000.$

Required:

Use the above information to calculate both the tax value and the recoupment for the year ended $29$ February $2024.$

$(12$ marks$)$

Question $4$

$(6$ marks$)$

Briefly explain your understanding of exempt income and state four $(4)$ types of exempt income provided for by the Income Tax Act.