4.1 Shireen is a resident of the republic of South Africa. She is...
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Shireen 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. Shireen has been living in her home in Knysna which she bought years ago. She has now decided to relocate to Pretoria due to a change in her job. Her residential property was bought at a cost price of R in January and it was sold for R in February
She owned shares in Pedro Pty Ltd which she purchased for a cost of R she required extra cash to undertake renovations in her home and decided to sell the shares for R in February she does not deal in the buying and selling of shares. Shireen 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 in April and sold for R in October In addition to the assets that were sold in the current year of assessment she had made a capital loss of from the year of assessment.
REQUIRED:
Calculate the taxable capital gain or loss of Shireen for the year of assessment.
Precious, who is the sister of Shireen is a resident of the Reppablic. She is years old and she resigned from her employment on November She received a lump sum from her pension fund of R She used R of this lump sum to pay off her car and transferred the remaining balance into a pension preservation fund.
REQUIRED:
Compute the tax payable on her current lump sum.
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