23 mary clote. Prim TAXATION 2A SHORT ESSAY QUESTION (20 MARKS) Richard Nkambi (60 years of...

 

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23 mary clote. Prim TAXATION 2A SHORT ESSAY QUESTION (20 MARKS) Richard Nkambi (60 years of age and has a disability as defined) had the following receipts and accruals * during the 2020 year of assessment: Income received for the year: Salary from employer - 540 000 Interest from local bank 140 000 Dividend from South African company 14 000 Interest from a tax free investment 54 000 (He had made an investment for the current year of R 450 000) Uniform allowance received 1 570 (The uniform that he wears in a distinct black and blue colour with the company logo on it) Monthly rental Income 12 000 Richard incurred the following expenses during the current year of assessment: Tax deductible pension fund contributions 51 000 Repairs incurred on the property rented out by Richard 16 000 Household expenses 20 000 Richard is a member of a medical aid scheme and for the vear of assessment he made a total contribution to the fund of R50 000. YOU ARE REQUIRED TO calculate Richard's tax liability for the 2020 year of assessment. 23 mary clote. Prim TAXATION 2A SHORT ESSAY QUESTION (20 MARKS) Richard Nkambi (60 years of age and has a disability as defined) had the following receipts and accruals * during the 2020 year of assessment: Income received for the year: Salary from employer - 540 000 Interest from local bank 140 000 Dividend from South African company 14 000 Interest from a tax free investment 54 000 (He had made an investment for the current year of R 450 000) Uniform allowance received 1 570 (The uniform that he wears in a distinct black and blue colour with the company logo on it) Monthly rental Income 12 000 Richard incurred the following expenses during the current year of assessment: Tax deductible pension fund contributions 51 000 Repairs incurred on the property rented out by Richard 16 000 Household expenses 20 000 Richard is a member of a medical aid scheme and for the vear of assessment he made a total contribution to the fund of R50 000. YOU ARE REQUIRED TO calculate Richard's tax liability for the 2020 year of assessment.

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Computation of Tax Liability of Richard Income under the head Salary Salary R... View the full answer