Question
Richard Nkambi (60 years of age and has a disability as defined) had the following receipts and accruals during the 2020 year of assessment: Income
Richard Nkambi (60 years of age and has a disability as defined) had the following receipts and accruals during the 2020 year of assessment: Income received for the year: Salary from employer 540 000 Interest from local bank 140 000 Dividend from South African company 14 000 Interest from a tax free investment 54 000 (He had made an investment for the current year of R 450 000) Uniform allowance received 1 570 (The uniform that he wears in a distinct black and blue colour with the company logo on it) Monthly rental Income 12 000 Richard incurred the following expenses during the current year of assessment: Tax deductible pension fund contributions 51 000 Repairs incurred on the property rented out by Richard 16 000 Household expenses 20 000 Richard is a member of a medical aid scheme and for the year of assessment he made a total contribution to the fund of R50 000. YOU ARE REQUIRED TO calculate Richards tax liability for the 2020 year of assessment.
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