$\frac{2}{8}$

$80\%$

QUESTION $2$

$(30$ Marks$)$

Mr$.$ Ballim, retired from Hartley Ltd on $31$ December $2023$ as he has reached the age of $65$ years. He is married out of community of property. Upon his retirement he had received the following income for the year of assessment: $$

As per the agreement in his employment contract, Mr$.$ Ballim continued to receive a salary of R$25000$ per month for the entire current year of assessment.

An expensive watch that the company had paid R$15000$ for. This was awarded in appreciation of the long service he had given to the company.

Dividends of R$16000$ was received from a company based in France which was listed on the Johannesburg Stock Exchange $($JSE$).$

Mr$.$ Ballim owns a rent producing property which earns rent of R$4000$ per month, in addition to this he has incurred maintenance expenses of R$17000($allowable deduction$)$ during the year of assessment.

He received interest of R$32000$ from a local bank, this was from a fixed deposit he held at the bank.

Dividends of R$90000$ which was received from a South African company for the year.

Mr$.$ Ballim had the following expenses during the year of assessment:

A contribution of $8\%$ of his salary to a pension fund.

He installed solar roof panels at his home to the value of $R60000$ in May $2023.$

A provisional tax payment of R$25000$ was made on $31$ August $2023.$

REQUIRED:

Calculate the tax payable for Mr$.$ Ballim for the $2024$ year of assessment.