QUESTION $2(35$ Marks$)$ James Patel is a resident of the Republic. He is $67$ years old and is married out of community of property to Bianca. During the $2024$ year of assessment, James had the following receipts, accruals and expenses: $1)$ A salary of R$360000$ from his employer, a plastic manufacturing company. $2)$ A bonus of R$45000($non$-$pensionable$).3)$ Net rentals of R$112000$ was earned from a bachelor flat in Sandton. $4)$ Interest of R$28000$ was earned from various short$-$term investments. $5)$ A long service award of R$30000$ was granted to James for $16$ years of service. $6)$ James was granted the right of use of a motor vehicle by his employer on $1$ March $2023.$ The company purchased the vehicle on the same day for an amount of R$420000($including VAT$).$ The vehicle did not have a maintenance plan. James used the vehicle primarily for private purposes and did not keep a logbook$.7)$ James was granted the use of the laptop by his employer from $1$ August $2023.$ It was used for private purposes. The market value on $1$ August $2023$ was R$6750.$ It was bought for R$12250.8)$ Foreign interest of R$3500$ was earned. $9)$ He holds $8\%$ of the total equity shares and voting rights in ABC Inc $($a foreign company$).$ He incurred expenditure of R$5000$ in the form of interest on a loan taken out to purchase the shares. He received a dividend of R$48000$ from ABC Inc. $10)$ James made contributions of R$6500$ per month to a medical scheme on behalf of himself, his wife and child. He paid R$54000$ qualifying medical expenses for the year. His employer contributed R$40000$ to the medical scheme during the year. $11)$ He paid R$33500$ in the $2024$ year of assessment for municipal levies for his private household. $12)$ A provisional tax payment of R$20000$ was also made on $31$ August $2023.$ Required: Calculate James Patel$$s normal tax liability for the $2024$ year of assessment. $(35$ Marks$)($Set your answer out according to the normal tax model $/$ tax framework. Show all calculations and round off all amounts to the nearest rand. Include nil value items in your answer.$)$QUESTION $2(35$ Marks$)$ James Patel is a resident of the Republic. He is $67$ years old and is married out of community of property to Bianca. During the $2024$ year of assessment, James had the following receipts, accruals and expenses: $1)$ A salary of R$360000$ from his employer, a plastic manufacturing company. $2)$ A bonus of R$45000($non$-$pensionable$).3)$ Net rentals of R$112000$ was earned from a bachelor flat in Sandton. $4)$ Interest of R$28000$ was earned from various short$-$term investments. $5)$ A long service award of R$30000$ was granted to James for $16$ years of service. $6)$ James was granted the right of use of a motor vehicle by his employer on $1$ March $2023.$ The company purchased the vehicle on the same day for an amount of R$420000($including VAT$).$ The vehicle did not have a maintenance plan. James used the vehicle primarily for private purposes and did not keep a logbook$.7)$ James was granted the use of the laptop by his employer from $1$ August $2023.$ It was used for private purposes. The market value on $1$ August $2023$ was R$6750.$ It was bought for R$12250.8)$ Foreign interest of R$3500$ was earned. $9)$ He holds $8\%$ of the total equity shares and voting rights in ABC Inc $($a foreign company$).$ He incurred expenditure of R$5000$ in the form of interest on a loan taken out to purchase the shares. He received a dividend of R$48000$ from ABC Inc. $10)$ James made contributions of R$6500$ per month to a medical scheme on behalf of himself, his wife and child. He paid R$54000$ qualifying medical expenses for the year. His employer contributed R$40000$ to the medical scheme during the year. $11)$ He paid R$33500$ in the $2024$ year of assessment for municipal levies for his private household. $12)$ A provisional tax payment of R$20000$ was also made on $31$ August $2023.$ Required: Calculate James Patel$$s normal tax liability for the $2024$ year of assessment. $(35$ Marks$)($Set your answer out according to the normal tax model $/$ tax framework. Show all calculations and round off all amounts to the nearest rand. Include nil value items in your answer.$)$