Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
QUESTION 4 ( 3 0 Marks ) 4 . 1 Shireen is a resident of the republic of South Africa. She is the owner of
QUESTION Marks Shireen is a resident of the republic of South Africa. She is the owner of various assets and property in the country and has made the decision to sell a few of her assets. Shireen has been living in her home in Knysna which she bought years ago. She has now decided to relocate to Pretoria due to a change in her job. Her residential property was bought at a cost price of R in January and it was sold for R in February She owned shares in Pedro Pty Ltd which she purchased for a cost of she required extra cash to undertake renovations in her home and decided to sell the shares for R in February she does not deal in the buying and selling of shares. Shireen has been having problems with the payment of rental from her tenant in a flat that she rents out, she has therefore decided to sell this flat. The flat was purchased for R in April and sold for R in October In addition to the assets that were sold in the current year of assessment she had made a capital loss of R from the year of assessment. REQUIRED: Calculate the taxable capital gain or loss of Shireen for the year of assessment. Marks Precious, who is the sister of Shireen is a resident of the Republic. She is years old and she resigned from her employment on November She received a lump sum from her pension fund of R She used R of this lump sum to pay off her car and transferred the remaining balance into a pension preservation fund. REQUIRED: Compute the tax payable on her current lump sum. Marks END OF PAPER
QUESTION
Marks
Shireen is a resident of the republic of South Africa. She is the owner of various assets and property in the country and has made the decision to sell a few of her assets. Shireen has been living in her home in Knysna which she bought years ago. She has now decided to relocate to Pretoria due to a change in her job. Her residential property was bought at a cost price of R in January and it was sold for R in February
She owned shares in Pedro Pty Ltd which she purchased for a cost of she required extra cash to undertake renovations in her home and decided to sell the shares for R in February she does not deal in the buying and selling of shares. Shireen has been having problems with the payment of rental from her tenant in a flat that she rents out, she has therefore decided to sell this flat. The flat was purchased for R in April and sold for R in October In addition to the assets that were sold in the current year of assessment she had made a capital loss of R from the year of assessment.
REQUIRED:
Calculate the taxable capital gain or loss of Shireen for the year of assessment.
Marks
Precious, who is the sister of Shireen is a resident of the Republic. She is years old and she resigned from her employment on November She received a lump sum from her pension fund of R She used R of this lump sum to pay off her car and transferred the remaining balance into a pension preservation fund.
REQUIRED:
Compute the tax payable on her current lump sum.
Marks
END OF PAPER
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started