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Calculate the tax payable on the lump sums received

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Reference no: EM133134856

Question - Timone retired on 30 November 2021 at the age of 67.

On retirement, he received the following amounts:

A lump sum amount of R69,000 from his employer.

A lump sum of R975,000 from his provident fund. While he was a member of the provident fund, contributions of R323,000 were not deductible for income tax purposes.

On 30 November 2019, Timone received a lump sum amount of R590,000 from a retirement annuity fund he was a member of. He reached retirement age in terms of the annuity contract.

Required - Calculate the tax payable on the lump sums received by Timone on 30 November 2021.

Reference no: EM133134856

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