QUESTION $2$

Mr$.$ Ballim, retired from Hartley Ltd on $31$ December $2023$ as he has reached the age of $65$ years. He is

married out of community of property. Upon his retirement he had received the following income for the year

of assessment: $$

As per the agreement in his employment contract, Mr$.$ Ballim continued to receive a salary of R$25000$

per month for the entire current year of assessment.

An expensive watch that the company had paid R$15000$ for. This was awarded in appreciation of the

long service he had given to the company.

Dividends of R$16000$ was received from a company based in France which was listed on the

Johannesburg Stock Exchange $($JSE$).$

Mr$.$ Ballim owns a rent producing property which earns rent of $R4000$ per month, in addition to this he

has incurred maintenance expenses of R$17000($allowable deduction$)$ during the year of assessment.

He received interest of R$32000$ from a local bank, this was from a fixed deposit he held at the bank.

Dividends of $R90000$ which was received from a South African company for the year.

Mr$.$ Ballim had the following expenses during the year of assessment:

A contribution of $8\%$ of his salary to a pension fund.

He installed solar roof panels at his home to the value of R$60000$ in May $2023.$

A provisional tax payment of R$25000$ was made on $31$ August $2023.$

REQUIRED:

Calculate the tax payable for Mr$.$ Ballim for the $2024$ year of assessment.