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Mrs. Rosa (Rosa) turned 65 on 13 January 2023, she had worked as a senior administrator in one of the reputable accounting firms, Tax

 

Mrs. Rosa (Rosa) turned 65 on 13 January 2023, she had worked as a senior administrator in one of the reputable accounting firms, Tax expert (Pty) Ltd. She retired on 31 January 2023 after 20 years with the firm. Rosa was a member of the pension fund for the past 20 year since she joined the firm and has been contributing since then. A total of R75 000 contributions were disallowed as a deduction. Rosa received the following payments on her retirement: Lump sum from Tax experts (Pty) Ltd R200 000 Lump sum from pension fund R800 000 Rosa also took a retirement annuity fund (RAF) 7 years ago, she received a lump sum of R110 000 on her retirement.. Rosa was previously employed as an administrative clerk before joining the firm, she received a lumpsum of R550 000 fr the provident fund when she left her previous job. A total of R320 000 contributions were disallowed as a deduction. YOU ARE REQUIRED TO: Calculate tax payable on lumpsums for Rosa for 28 February 2023 year of assessment.

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