Mr E $($a resident of the Republic$)$ received the Rand equivalent of R$540000$ from a Swiss pension fund on $2$ April $2023$ when he was aged $62.$ This relates to his contributions made to this fund when he was employed by a Swiss engineering company for $8$ years, $1$ of which he carried out his employment in Johannesburg and the rest of which he worked in Geneva $($Switzerland$).$

The amount to be included in Mr Es income $($as defined$)$ for the $2024$ year of assessment is:

Select the correct option from below:

Question $5$ Answer

a$.$

R$540000$

b$.$

R$67500$

c$.$

Rnil as the amount is fully exempt

d$.$

R$472500$

e$.$

Rnil as the amount is reduced in full by non$-$deductible contributions