Marai Marais (aged 40) is a resident of South Africa. He is employed as a plant...
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Marai Marais (aged 40) is a resident of South Africa. He is employed as a plant supervisor at Eugin (Pty) Ltd (a South African resident company that manufactures paper). Marai is married out of community of property and has 2 children. He has the following receipts and accruals for the 2023 year of assessment: Description Salary received from Eugin (Pty) Ltd Uniform allowance from Eugin (Pty) Ltd Bursary from Eugin (Pty) Ltd Note Amount (R) 480 000 1 3 500 2 65 000 Local interest Gross local dividends 3 25 250 4 23 750 Rental income 5 108 000 Proceeds from sale of shares 6 164 500 Proceeds from sale of personal motor vehicle Proceeds from sale of primary residence 7 125 000 8 2 500 000 Notes: 1. While on duty at the manufacturing plant of Eugin (Pty) Ltd, Marai is required to wear a uniform that meets specific safety standards. This uniform, a heavy-duty, chemical-safe blue overall, features the company name, employee name, and designation. 2. Marai's son is pursuing an engineering degree (NQF level 7) at the University of Cape Town. Eugin (Pty) Ltd provided a bursary for tuition fees. Marai's prior year remuneration was R400,000. 3. Marai earns local interest from his current and fixed deposit accounts at South African banks. 4. Marai receives dividends from his investments in South African companies listed on the Johannesburg Stock Exchange. 5. Marai rents out an apartment in Johannesburg, earning R9,000 per month. Expenses for the 2023 year of assessment include water and rates (R14,400) and repairs for a water pipe (R1,350). 6. Marai sold part of his investment share portfolio for R164,500 on 1 January 2023 (initially purchased for R100,000 on 1 May 2017). 7. Marai sold his personal Kia Sportage for R125,000 on 29 January 2023. The car, primarily used for private purposes, was originally bought for R195,000 on 15 June 2019. 8. Marai's primary residence, originally purchased for R1,800,000 on 1 June 2012, was sold for R2,500,000 on 20 February 2023. No improvements were made to the property. Required: Calculate Marai Marais's taxable income for the 2023 year of assessment. Marai Marais (aged 40) is a resident of South Africa. He is employed as a plant supervisor at Eugin (Pty) Ltd (a South African resident company that manufactures paper). Marai is married out of community of property and has 2 children. He has the following receipts and accruals for the 2023 year of assessment: Description Salary received from Eugin (Pty) Ltd Uniform allowance from Eugin (Pty) Ltd Bursary from Eugin (Pty) Ltd Note Amount (R) 480 000 1 3 500 2 65 000 Local interest Gross local dividends 3 25 250 4 23 750 Rental income 5 108 000 Proceeds from sale of shares 6 164 500 Proceeds from sale of personal motor vehicle Proceeds from sale of primary residence 7 125 000 8 2 500 000 Notes: 1. While on duty at the manufacturing plant of Eugin (Pty) Ltd, Marai is required to wear a uniform that meets specific safety standards. This uniform, a heavy-duty, chemical-safe blue overall, features the company name, employee name, and designation. 2. Marai's son is pursuing an engineering degree (NQF level 7) at the University of Cape Town. Eugin (Pty) Ltd provided a bursary for tuition fees. Marai's prior year remuneration was R400,000. 3. Marai earns local interest from his current and fixed deposit accounts at South African banks. 4. Marai receives dividends from his investments in South African companies listed on the Johannesburg Stock Exchange. 5. Marai rents out an apartment in Johannesburg, earning R9,000 per month. Expenses for the 2023 year of assessment include water and rates (R14,400) and repairs for a water pipe (R1,350). 6. Marai sold part of his investment share portfolio for R164,500 on 1 January 2023 (initially purchased for R100,000 on 1 May 2017). 7. Marai sold his personal Kia Sportage for R125,000 on 29 January 2023. The car, primarily used for private purposes, was originally bought for R195,000 on 15 June 2019. 8. Marai's primary residence, originally purchased for R1,800,000 on 1 June 2012, was sold for R2,500,000 on 20 February 2023. No improvements were made to the property. Required: Calculate Marai Marais's taxable income for the 2023 year of assessment.
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To calculate Marai Maraiss taxable income for the 2023 year of assessment we need to consider the various receipts and accruals he received during tha... View the full answer
Related Book For
Dynamic Business Law
ISBN: 9781260733976
6th Edition
Authors: Nancy Kubasek, M. Neil Browne, Daniel Herron, Lucien Dhooge, Linda Barkacs
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