Question 4 Epublic 20 Marks Lilly Marshall Is A Resident Of The Republic Of South Africa She Is The Owner Of Variou 1 (154.42 KiB) Viewed 8 times
Question 4 Epublic 20 Marks Lilly Marshall Is A Resident Of The Republic Of South Africa She Is The Owner Of Variou 2 (83.61 KiB) Viewed 8 times
Question 4 epublic.) (20 Marks) Lilly Marshall is a resident of the republic of South Africa. She is the owner of various assets and property in the country and has made the decision to sell a few of her assets. Lilly Marshall has been living in her home which she bought 10 years ago), she has now decided to relocate to another province due to a change in her job. Her residential property was bought at a cost price of R 2 700 000 in January 2011, and it was sold for R 4 500 000 in January 2022. She owned shares in Picachu (Pty) Ltd which she purchased for a cost of R 120 000, she required extra cash to purchase furniture for her new home and decided to sell the shares for R 213 000 in February 2022, she does not deal in the buying and selling of shares. Lilly has been having problems with the payment of rental from her tenant in a flat that she rents out, she has therefore decided to sell this flat. The flat was purchased for R 1 500 000 in June 2016 and sold for R 1 950 000 in October 2021. In addition to the assets that were sold in the current year of assessment she had made a capital loss of R 245 000 from the 2021 year of assessment. YOU ARE REQUIRED: Calculate the taxable capital gain or loss for Lilly Marshall for the 2022 year of assessment.
2022 tax year (1 March 2021 - 28 February 2022) Taxable income (R) Rates of tax (R) 1-216 200 216 201337 800 337 801 467 500 467 501-613 600 613 601-782 200 782 2011 656 600 1 656 601 and above 18% of taxable income 38 916 +26% of taxable income above 216 200 70 532 +31% of taxable income above 337 800 110 739 + 36% of taxable income above 467 500 163 335 + 39% of taxable income above 613 600 229 089 +41% of taxable income above 782 200 587 593 +45% of taxable income above 1 656 600
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!