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QUESTION 4 ( 3 5 marks ) Thabo is a South African resident who retired at the age of 6 0 on 3 1 August

QUESTION 4(35 marks)Thabo is a South African resident who retired at the age of 60 on 31 August 2023. As a result of his retirement, he received the amounts below during the 2024 year of assessment:Lump sum from pension fundCash regarding accumulated leaveMonthly annuity from pension fund starting from 1 December 2023Retirement lump sum from employerR62000032000800085000Additional information: Thabo was a member of the pension fund for 33 years. All of his contributions were allowed as a deduction in the past. From the age of 55 years, Thabo has contributed an annual amount of R7500 to a retirement annuity fund. He will retire from this fund when he turns 65 years old.Thabo contributed an additional R35000 to the retirement annuity fund in December 2023 because of the large lump sums he received. Disallowed deductions up to 28 February 2023 totalled R34000. Thabo earned a monthly salary of R12700 when he retired. On 1 January 2023, his salary increased by 15%. Thabo's only source of income for the 2024 year of assessment was his employment. The only deductions from his salary were his pension contributions of 7.5% and monthly medical aid contributions of R910 per month. Thabo incurred other qualifying medical expenses of R40000 for the 2024 year of assessment. He was the only member of the medical aid fund. Thabo incurred no additional medical expenditure in the 2024 year of assessment and continued to pay medical aid contributions after his retirement.Required Calculate Thabo's tax liability for the 2024 year of assessment ending 29 February2024 as per the appropriate tax framework applicable to natural persons.(35 marks)

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