Mr David Smith is a $52-$year$-$old resident of England. You may assume that Mr David Smith has not been in South Africa at any stage during his $2024$ year of assessment and does not have a permanent establishment in South Africa.

Mr$.$ David Smith received the following income during his $2024$ year of assessment which ended on $28$ February $2024$:

Rental income from a house in Johannesburg. $=$ R$600000$

Dividend income from shares in South African companies. $=$ R$400000$

Foreign interest earned on funds invested with a foreign bank. $=$R$80000$

Interest earned on funds invested with a South African bank $=$R$50000$

All foreign taxes paid by Mr$.$ David are not recoverable.

William Smith, who is the brother of Mr$.$ David Smith, is a South African resident.

William Smith owns a South African company, Electra Goods Limited $($Electra Goods$)$ that sells general electric goods.

Mr$.$ David Smith purchased goods from Electra Goods for R$300000$ on $31$ January $2024$ to do repairs to his house in Johannesburg. The cost of the goods for Electra Goods was R$150000$ and the goods had a market value of R$450000($considered to be an arm$$s length price$).$ Electra Goods' taxable income before taking the above Transaction into account was R$1250000.$ Electra Goods' year of assessment ends on $30$ April $2024.$

Calculate the taxable income for Electra Goods Limited$$s $2024$ year of

assessment.

$$ Ignore the provisions of any double tax agreement.

$$ Support your answers with references to the Income Tax Act where

applicable.

$$ Show all calculations