Mpilo Abongile, a resident of the Republic, became an employee of Treetop Falling Limited on 1 July 1998. On 1 July 2020, six months after attaining the age of 45 years, he was promoted to a senior manager of the logistic department. Mpilo Abongiles other receipts, accruals, benefits and expenses during the 2021 year of assessment follow: A basic salary (before the promotion) of R24 000 per month. He contributed 5% of his cash salary into Treetop Falling Limited's provident fund each month. The promotion included a 10% increase on his basic salary and several fringe benefits (ALL fringe benefits were part of the promotion. He did NOT have these fringe benefits before the promotion). The use of a motor car that Treetop Falling Limited had leased from a financial institution over a period of four years. This motor car had a cash cost of R265 000 plus 15% value-added tax and finance charges of R104 000. He had enjoyed the use of this motor car from the day that Treetop Falling Limited had entered into the financial lease. He was, however, required to pay for all the fuel and maintenance costs for this motor car. During the 2021 year of assessment he incurred fuel expenses of R36 000 and maintenance costs of R6 400. He has proof that he incurred these expenses. He travelled a total of 20 000 kilometres in the vehicle of which 3 000 kilometres were for business purposes. He also has proof that he travelled these distances. On the day of his promotion, Mpilo Abongile took up the option arranged by Treetop Falling Limited to purchase his company car from the financial institution at its settlement value in the financial lease. He paid R96 000 to the financial institution in settlement of the lease. The market value of this motor car on 1 July 2020 was R110 000. He was provided with the free use of an unfurnished two-bedroomed flat that Treetop Falling Limited lets from a third party at a monthly rental of R8 000. His wife lived with him in the flat. Before his promotion he could not afford to purchase property and therefore rented a flat from his close friend. All the electricity and water costs of R15 500 are paid by him. His remuneration proxy' as defined in section 1(1) for the 2021 year of assessment was R483 100. A loan of R150 000 from Treetop Falling Limited at an interest rate of 5% a year. The R150 000 was used by him to invest in a property. He is a member of Treetop Falling Limiteds "non-contributory medical scheme since joining them in 1998. Contributions made to the medical scheme for both him and his wife's membership by Treetop Falling Limited during the 2021 year of assessment was R21 600. This R21 600 represents contributions to the medical scheme for the entire year of assessment being R1 800 a month for 12 months. He uses Treetop Falling Limiteds cell phone (amount due of R2 300) and private use is incidental. Mpilo Abongile paid qualifying medical expenses' of R33 000 during the 2021 year of assessment. He recovered R19 500 from the medical scheme. Local interest of R43 905 from non-tax free interest-bearing securities accrued to Mpilo Abongile in the 2021 year of assessment. On the 1 February 2021, he made a single-premium contribution of R40 000 to a retirement annuity fund.

Required: to determine Mpilo Abongile's taxable income for the 2021 year of assessment. (Assume that the official rate of interest' is 6% for the 2021 year of assessment.)