John Roller retired on 28 February 2020 at the age of 62 years. A monthly pension of R25 000 accrued to him from the

pension fund he was a member of. Employees' tax of R48 265 was deducted from this pension during the 2020 year of

assessment. On 31 July 2019 he sold his shares in Birding Ltd (an unlisted company).

John provides the following information regarding his shareholding in Birding Ltd:

- He bought 10 000 shares in Birding Ltd on 2 January 2002 at R15 each for investment purposes (not for speculation).

- He sold his shares to Sarie Sunbird on 31 July 2019 for R400 000.

You are required to calculate the net normal tax owing by John Roller for his 2020 year of assessment