The following information of Ahmed relates to the 2023 year of assessment: Income He earned a...
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The following information of Ahmed relates to the 2023 year of assessment: Income He earned a salary of R480 000. Net rentals of R60 000 were earned from a residential flat. Interest of R32 000 was received from a fixed deposit. In addition, foreign dividends of $800 was earned, after a withholding tax of 10% was deducted. In terms of section 25D (3), he elected that the foreign dividends be translated into rand by applying the average exchange rate. Assume the average exchange rate for the 2023 year of assessment to be $1: R17.50. Expenses Ahmed contributed R7 500 a month to a medical scheme for himself and his mum who resides with him. He incurred no out of pocket medical expenses for the year. Ahmed does not belong to any retirement nor pension fund. He paid R8 500 provisional tax for the year. Required: Calculate Ahmed Mkhize's net tax liability for the 2023 year of assessment The following information of Ahmed relates to the 2023 year of assessment: Income He earned a salary of R480 000. Net rentals of R60 000 were earned from a residential flat. Interest of R32 000 was received from a fixed deposit. In addition, foreign dividends of $800 was earned, after a withholding tax of 10% was deducted. In terms of section 25D (3), he elected that the foreign dividends be translated into rand by applying the average exchange rate. Assume the average exchange rate for the 2023 year of assessment to be $1: R17.50. Expenses Ahmed contributed R7 500 a month to a medical scheme for himself and his mum who resides with him. He incurred no out of pocket medical expenses for the year. Ahmed does not belong to any retirement nor pension fund. He paid R8 500 provisional tax for the year. Required: Calculate Ahmed Mkhize's net tax liability for the 2023 year of assessment
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Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
Posted Date:
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