Mr Cash earned the following amounts during the 2022/2023 year of assessment. He is 67 years old and unmarried. Share of profits from a partnership R 700 000 Loan from partnership R 200 000 Interest earned on savings account R 22 500 Rental of second property R 77 000 Local dividends received R 10 000 He has contributed R30 000 to a retirement annuity fund during the 2022/2023 year of assessment. He paid interest on the loan from the partnership in the amount of R15 000 during the year of assessment. This loan was used to finance the acquisition of his second property which is rented out. Calculate his taxable income for the 2022/2023 year of assessment.
Mr Cash earned the following amounts during the 2022/2023 year of assessment. He is 67 years old and unmarried. Share of profits from a partnership R 700 000 Loan from partnership R 200 000 Interest earned on savings account R 22 500 Rental of second property R 77 000 Local dividends received R 10 000 He has contributed R30 000 to a retirement annuity fund during the 2022/2023 year of assessment. He paid interest on the loan from the partnership in the amount of R15 000 during the year of assessment. This loan was used to finance the acquisition of his second property which is rented out. Calculate his taxable income for the 2022/2023 year of assessment.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
E3
Mr Cash earned the following amounts during the 2022/2023 year of assessment. He is 67 years old and unmarried.
Share of profits from a
Loan from partnership R 200 000
Interest earned on savings account R 22 500
Rental of second property R 77 000
Local dividends received R 10 000
He has contributed R30 000 to a retirement annuity fund during the 2022/2023 year of assessment. He paid interest on the loan from the partnership in the amount of R15 000 during the year of assessment. This loan was used to finance the acquisition of his second property which is rented out.
Calculate his taxable income for the 2022/2023 year of assessment.
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