Question 1 (30 marks)

In the 2021 year of assessment, Funani resigned and withdrew R1 500 000 from his pension fund. He transferred R1 200 000 of this pension fund to a pension preservation fund. In the 2021 year of assessment, Funani received a withdrawal benefit of R450 000 from the pension preservation fund. In the 2023 year of assessment, she retired and received a retirement benefit of R740 000.

YOU ARE REQUIRED TO:

Calculate the tax payable by Funani for the following years of assessment:

In the 2021 year of assessment (7 marks)

In the 2022 year of assessment ...(11 marks)

In the 2023 year of assessment ...(12 marks)

Show all your calculations.