Cook Wells

03/25/2024 · High School

Question 1 Cyril Peters is a resident of the Republic. He is 52 years old and is married in community of property. The following information relates to the 2024 year of assessment for Cyril and his wife, Naledi. Income from a South African source: - A salary of R520 000 from his employer, a motor manufacturing company. - He does part-time academic work for a private higher education college and earned an income of R110 000 as part of his business income for the year of assessment. - Net rentals of R96 000 was earned from a bachelor flat in Margate. Income from a South African source for Naledi: - Rent received from an out-house on their property amounted to R75 000 was earned from various short-term investments. Cyril made contributions of R6 500 per month to a medical scheme on behalf of himself, his wife and child. He paid R48 000 qualifying medical expenses for the year. His employer contributed R40 000 to the medical scheme during the year. He installed solar roof panels at his home to the value of R60 000 in June 2023 . A provisional tax payment of R25 000 was also made on 31 August 2023 .