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. ADDENDUM A: TAX INFORMATION 2023 tax year (1 March 2022 - 28 February 2023) Retirement Lump Sum Benefit Table 99 HTAX230-1-Jul-Dec2023-FA2-CP-V2-08072023 ANNEXURE I: FORMATIVE
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ADDENDUM A: TAX INFORMATION 2023 tax year (1 March 2022 - 28 February 2023) Retirement Lump Sum Benefit Table 99 HTAX230-1-Jul-Dec2023-FA2-CP-V2-08072023 ANNEXURE I: FORMATIVE ASSESSMENT 2 Retirement Lump Sum Withdrawal Benefit Table Nkululeko (52 years old) is a South African resident. He works for Global Capital (Pty) Ltd as the financial manager and was employed for the full year of assessment. The following information relates to Nkululeko's 2023 year of assessment: Use of laptop On 1 November 2022, he was provided with the use of a new laptop. He is allowed to use the laptop both at the office and at home. Approximately 85% of the use was for business purposes. Global Capital (Pty) Ltd purchased the laptop for R12 000 on 15 October 2022. Medical aid Nkululeko made a monthly contribution of R4 500 to a medical aid scheme. Nkululeko' wife and their minor daughter are dependants on his medical aid. Global Capital (Pty) Ltd contributed R3 000 per month to Nkululeko's medical aid for the full year of assessment. Nkululeko's daughter is an avid soccer player, but unfortunately broke her toe during a school soccer match in January 2023 and had to undergo internal fixation surgery. Nkululeko's medical aid did not cover the full amount due for the surgery and he had to pay R30 000 relating to the surgery. The hospital agreed that he can pay 50% of the outstanding amount by 28 February 2023 and the other 50% is due 31 March 2023. Nkululeko had no other medical expenses that his medical aid did not cover for the 2023 year of assessment. Assume Nkululeko had a taxable income (correctly calculated) of R652 000 for the 2023 year of assessment. 91 REQUIRED: 1.1 With reference to the information under Use of laptop, discuss the income tax consequences for Nkululeko's 2023 year of assessment. Specifically, support your answer with references to the Seventh Schedule of the Income Tax Act. (8 marks) 1.2 With reference to the information under Medical aid, calculate ALL (medical and other) rebates that will be available to Nkululeko for the 2023 year of assessment. (15 marks)Step by Step Solution
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