QUESTION $1(50$ marks$)$

Thalita is a $57-$year$-$old South African resident who works as an architect at Big Drawings

Limited $($Big Drawings$),$ a South African company situated in Johannesburg. The

following information pertains to Thalita$$s $2024$ year of assessment:

$1.$ She earned a monthly salary of R$65000$ per month from Big Drawings for the period

$1$ March $2023$ to $30$ November $2023.$ Thalita resigned on $30$ November $2023$ from Big

Drawings after $25$ years of service.

$2.$ Thalita contributed R$110000$ in total to Big Drawings$$ pension fund $($a fund

established under the Pension Funds Act of $1956)$ for the period she was employed

by Big Drawings during the $2024$ year of assessment. Big Drawings contributed the

same amount on behalf of Thalita to the pension fund. Assume that Thalita$$s

remuneration amounts to R$732000$ for the $2024$ year of assessment.

$3.$ Thalita received a payment of R$360000$ from Big Drawings on $30$ November $2023$ in

exchange for undertaking not to work at another architectural firm in the

Johannesburg area within a period of five years.

$4.$ Thalita borrowed R$320000$ from Big Drawings on $1$ August $2023$ until $30$ September

$2023$ to buy a new motor vehicle at an interest rate of $4\mathrm{.}5\%$ per annum. The interest

is payable to Big Drawings on the last day of each month and accrues daily. The loan

was repaid to Big Drawings on $30$ September $2023$ at the end of the business day.

The official rate of interest for the relevant period was $5\mathrm{.}75\%.$

$5.$ Thalita used a set of six chairs owned by Big Drawings for private purposes at her

home from $1$ March $2023$ to $31$ July $2023.$ Big Drawings purchased these chairs on

$1$ January $2023$ at R$6000$ per chair. The total market value of these chairs was

R$30000$ on $1$ March $2023.$

$6.$ On $30$ November $2023,$ Big Drawings bought a new Rolex watch for Thalita as a

reward for her years of faithful service to the firm. The cost price of the watch was

R$75000$ and the market value was R$80000$ on $30$ November $2023.$

$3$ HTAX$230-1-$Jan$-$June$2024-$SA$1-$ELK$-$V$2-23012024$

$7.$ Thalita signed an employment contract with Sketches $($Pty$)$ Ltd on

$30$ November $2023$ to start working for them on $1$ December $2023$ in Johannesburg,

Gauteng. Unfortunately, the employment contract could not be fulfilled by Sketches

$($Pty$)$ Ltd and Big Drawings already employed someone else in Thalita$$s position from

$1$ December $2023.$ Therefore, Thalita claimed and received R$16520$ per month from

the Unemployment Insurance Fund for the period $1$ December $2023$ to $29$ February

$2024.$

$8.$ Thalita received the following interest amounts during the $2024$ year of assessment:

$$ R$24000$ on a fixed deposit at a bank in South Africa.

$$ R$11000$ from a Momentum Investment that qualifies as a tax$-$free investment in

terms of section $12$T$(1)$ of the Income Tax Act.

$9.$ Big Drawings withheld employees$$ tax amounting to R$283645$ from Thalita$$s salary

during the $2024$ year of assessment, which they paid over to the South African

Revenue Service.

REQUIRED:

$1\mathrm{.}1)$ Calculate Thalita$$s normal tax payable$/($refundable$)$ for the $2024$ year of

assessment.

Show all calculations and round all answers to the nearest rand.

Please provide a reason should an amount not be included.

$(46$ marks$)$