Shenira is a resident of the Republic. She is 30 years old and she is married to Ryan in community of property The following information relates to the 2022 year of assessment for Shenira and Ryan. Income from a Republic source for Shenira: A salary of R400 000. Net rentals of R40 000 were earned from a beach cottage. Interest of R24 000 was earned from a fixed deposit. Income from a Republic source for Ryan: Interest of R16 000 was earned from a fixed deposit Rent received from a flat he owns in Durban amounted to R24 000 Foreign income (Shenira) Foreign dividends of $760 of which R3 167 is exempt Interest of ₤165 on an investment inherited from her aunt. The inheritance and the income on it are excluded from their joint estate. This interest was not subject to a withholding tax. Assume the average exchange rates for the 2021 year of assessment were $1 : R15 and ₤1 : R18 respectively. In terms of section 25D (3), she elected that her foreign receipts and accruals be translated into rand by applying the average exchange rate. Expenditure She did not belong to a pension fund or a provident fund. She contributed R42 500 to an approved retirement annuity fund which was tax deductible. She contributed R5 800 a month to a medical scheme for herself and her husband. She did not pay any medical expenses. YOU ARE REQUIRED TO calculate Sheniras normal tax liability for the 2022 year of assessment.
Shenira is a resident of the Republic. She is 30 years old and she is married to Ryan in community of
property
The following information relates to the 2022 year of assessment for Shenira and Ryan.
Income from a Republic source for Shenira:
A salary of R400 000.
Net rentals of R40 000 were earned from a beach cottage.
Interest of R24 000 was earned from a fixed deposit.
Income from a Republic source for Ryan:
Interest of R16 000 was earned from a fixed deposit
Rent received from a flat he owns in Durban amounted to R24 000
Foreign income (Shenira)
Foreign dividends of $760 of which R3 167 is exempt
Interest of ₤165 on an investment inherited from her aunt. The inheritance and the income on it
are excluded from their joint estate. This interest was not subject to a withholding tax.
Assume the average exchange rates for the 2021 year of assessment were $1 : R15 and ₤1 :
R18 respectively. In terms of section 25D (3), she elected that her foreign receipts and accruals
be translated into rand by applying the average exchange rate.
Expenditure
She did not belong to a pension fund or a provident fund.
She contributed R42 500 to an approved retirement annuity fund which was tax deductible.
She contributed R5 800 a month to a medical scheme for herself and her husband. She did not
pay any medical expenses.
YOU ARE REQUIRED TO calculate Sheniras normal tax liability for the 2022 year of assessment.
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