$15$:$18$

Chegg Study

BCOMACT$\_$Taxation $3\_$S$1\_$Assignment $1$

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$4$ of $7$

Question $3$

$27$

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:

$\backslash$table$[[$Description$,$Note,Amount $($R$)],[$Salary received from Eugin $($Pty$)$ Ltd$,,480000],[$Uniform allowance from Eugin $($Pty$)$ Ltd$,1,3500],[$Bursary from Eugin $($Pty$)$ Ltd$,2,65000],[$Local interest,$3,25250],[$Gross local dividends,$4,23750],[$Rental income,$5,108000],[$Proceeds from sale of shares,$6,164500],[$Proceeds from sale of personal motor vehicle,$7,125000],[$Proceeds from sale of primary residence,$8,2500000]]$

Notes:

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.

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 R$400,000.$

Marai earns local interest from his current and fixed deposit accounts at South African banks.

Marai receives dividends from his investments in South African companies listed on the Johannesburg Stock Exchange.

Marai rents out an apartment in Johannesburg, earning R$9,000$ per month. Expenses for the $2023$ year of assessment include water and rates $($R$14,400)$ and repairs for a water pipe $($R$1,350).$

Marai sold part of his investment share portfolio for R$164,500$ on $1$ January $2023($initially purchased for R$100,000$ on $1$ May $2017).$

Marai sold his personal Kia Sportage for R$125,000$ on $29$ January $2023.$ The car, primarily used for private purposes, was originally bought for R$195,000$ on $15$ June $2019.$

Marai's primary residence, originally purchased for R$1,800,000$ 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.

$(27)$