+QUESTION 3 Which one of the following statements is correct? a. In the 2023 Budget Speech it is proposed to amend the Income Tax Act to allow for tax-free transfers from pension/provident funds to other pension/provident funds where members resign after having reached normal retirement age. b. In the 2023 Budget Speech it is proposed to amend the Income Tax Act to allow for tax-free transfers between retirement annuity funds where members have reached normal retirement age. c. In the 2023 Budget Speech it is proposed to amend the Income Tax Act to allow for tax-free transfers from pension/provident funds to other pension/provident funds for involuntary transfers on/after a member has reached normal retirement age. d. In the 2023 Budget Speech it is proposed to amend the Income Tax Act to allow for tax-free transfers from preservations funds to other preservation funds where members have reached normal retirement age. e. None of the above QUESTION 4 Simphiwe was a member of a retirement annuity fund. On 1 April 2019 Simphiwe made a lump sum contribution to this retirement annuity fund. Simphiwe died on 3 May 2023. At the time of Simphiwes death, R800 000 of his lump sum payment had not been allowed as a tax deduction or exemption. His wife, Ayanda, is the only beneficiary/dependent, and the trustees award the full retirement interest to her. Ayanda opts to take a lump sum payment of R500 000 and use balance of the retirement interest to purchase an annuity. Which one of the following statements is correct? a. The lump sum will be taxed in Simphiwes name, with the amount of R500 000 being allowed as a deduction. The balance of R300 000 of the contribution not allowed as a deduction will not be allowed as an exemption in terms of section 10C against the annuity income received by Ayanda. b. The lump sum will be taxed in Ayandas name, with the amount of R500 000 being allowed as a deduction. The balance of R300 000 of the contribution not allowed as a deduction will not be allowed as an exemption in terms of section 10C against the annuity income received by Ayanda. c. The lump sum and will be taxed in Simphiwes name, with the amount of R500 000 being allowed as a deduction. The balance of R300 000 of the contribution not allowed as a deduction will be allowed as an exemption in terms of section 10C against the annuity income received by Ayanda. d. The lump sum and will be taxed in Ayandas name, with the amount of R500 000 being allowed as a deduction. The balance of R300 000 of the contribution not allowed as a deduction will be allowed as an exemption in terms of section 10C against the annuity income received by Ayanda. e. None of the above