Question 5 (10)

Mr. Prime Shaapopi CA (SA) (NAM) for the year of assessment ending 28 February 2020. Profit from business 500 000 Profit from branch of business in Zimbabwe 100 000 Directors fees 8 000 Insurance pay out for loss of profits 80 000 Profit on sale of truck 120 000 Cost price 300 000 Tax value 200 000 Selling price 320 000 Gain from Unit Trust 80 000 Interest from bank 400 Interest from subscription shares 800 Farming subsidy on soil erosion 20 000 Lease premium received 10 000 Lump sum on retirement from pension fund 100 000 Retrenchment benefit from employers 80 000 Goodwill received 120 000

You are required to calculate the income of Mr. Prime Shaapopi CA (SA) (NAM) for the year of assessment ending 28 February 2020.