Piet Witbooi supplies you with the following information for the year ended 28 February 2013.

Annuity received 22 000

Cattle sold 840 000

Mealie sales 120 000

Grazing fees 4 000

Land rentals 8 000

Grace Building Society dividends:

- On special tax-free -indefinite period (shares at a rate of 12%) 16 000

- paid up shares 18 000

Construction of darn - wages paid 6 000

Construction of dam - material purchased 3 900

Purchase of machinery - used for dam 17 000

Cost of erection of fences 6 100

Cattle purchased 652 000

Interest paid on loan (paid up shares) (See note 3 below) 6 000

General farming expenses - all deductible 210 000

Motor vehicle expenses 408 000

Standing crops 108 000 Notes:

1. Mr Witbooi received a refund of pension contributions on 1 March 2012 of N$264 000. He used N$120 000 to purchase an annuity which will pay out for a period of 10 years as from 30/4/2012. His life expectancy at that date was 14, 61 Years. He used another N$60 000 of the pension fund and paid it into a Provident fund.

2. He purchased a Mercedes Benz during the year for N$390 000 (VAT included). He uses it on the farm as well as going on holiday and private and business trips to Omaruru. Swakopmund, Windhoek etc. His logbook shows the following: Farm use 12 000 km. Holidays 15 000 km, going to town for business and private purposes 50/50. His total kilometre reading on 28 February 2013 was 63 000 km. He spent N$18 000 on fuel, oil and maintenance during the year.

3. A loan was acquired to purchase paid up shares in Grace Building Society

Calculate the taxable income of Piet Witbooi for the year ended 28 February 2013.