Mrs A (aged 66), a South African tax resident, earns the following income for the year ending 28 February 2022: Item Details Amount: 1. Salary per month -R125 000 2. Dividends from a foreign listed company -R30 000 3. Interest from a South African account -R44 000 4. Right of use of a camera on 1 March 2021 for the full year of assessment. Mrs A takes the camera with her on all her personal holiday trips. Her employer purchased the camera for R75 000 on 1 March 2020. The market value of the camera was R60 000 on 1 March 2021. 5. She purchased an annuity for R300 000. The return from the annuity is R2 750 per month for 10 years. Required: Calculate the taxable income for Mrs A for the year ending 28 February 2022.
Question 1
Subject :
Mrs A (aged 66), a South African tax resident, earns the following income for the year ending 28 February 2022:
Item Details Amount:
1. Salary per month -R125 000
2. Dividends from a foreign listed company -R30 000
3. Interest from a South African account -R44 000
4. Right of use of a camera on 1 March 2021 for the full year of assessment.
Mrs A takes the camera with her on all her personal holiday trips. Her employer purchased the camera for R75 000 on 1 March 2020. The market value of the camera was R60 000 on 1 March 2021.
5. She purchased an annuity for R300 000. The return from the annuity is R2 750 per month for 10 years.
Required:
Calculate the taxable income for Mrs A for the year ending 28 February 2022.
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