Saajid (47 years) operated a superette and as a sole proprietor. On 1 April in the current year of assessment, he decided to enter into a partnership agreement with Michelle (39 years). They agreed to share profits on a 60:40 ratio. The following income and expense items for the current year of assessment relate to the partnership: Income Expenses Administrative expenses Sundry expenses (deductible for tax purposes) Depreciation (Note 1) Drawings-Saajid Salaries: Saajid Michelle Other employees Retirement annuity fund: Saajid (Note 2) Michelle (Note 3) R 1 400 000 1 150 000 45 000 120 000 81 500 15 000 300 000 260 000 186 500 52 000 30 000 Provident fund: Other employees (Note 3) 40 000 Bad debts (Note 4) 20 000 Additional Information: 1. Depreciation Delivery vehicle 1: This vehicle was purchased new by Michelle on 1 June 2022 for R360 000. Delivery vehicle 2: This vehicle was purchased second hand in cash by the partnership on 1 April of the current year of assessment when Brian joined, at a cost of R150 000. In terms of Interpretation Note No. 47, delivery vehicles are written off over a four-year period. The second- hand delivery vehicle was purchased from a person who is registered for VAT purposes. 2. Contributions to retirement annuity funds The retirement annuity fund contributions are allowed as a deduction for the partnership since they are paid in terms of the partnership agreement. 3. Contributions to provident fund The partnership contributes R40 000 on behalf of its employees to a provident fund. 4. Bad debts R7 000 of the bad debts relates to a debtor brought into the partnership by Michelle. 5. General All amounts exclude VAT, except where otherwise indicated. The partnership is a registered vendor for VAT purposes. Required: Calculate the taxable income for Saajid for the year of assessment ending February 2023.