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Anonymous
Asked: March 25, 20222022-03-25T19:35:11+02:00 2022-03-25T19:35:11+02:00In: TAXATION 310 ,GTA711s

Sarah Davis, 55-year—old Namibian citizen had become an employee of ”First for Women” Insurance on 1St February 2016. Her receipts and accruals for the 2017 year of assessment include: A monthly salary of N$20 000. Annual bonus payable in December, N$20 000 Sales commission of N$25 000 for the year

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Sarah Davis, 55-year—old Namibian citizen had become an employee of ”First for Women”
Insurance on 1St February 2016.
Her receipts and accruals for the 2017 year of assessment include:

  • A monthly salary of N$20 000.
  • Annual bonus payable in December, N$20 000
  • Sales commission of N$25 000 for the year.
  • The private use of a motor car with a cost of N$210 000 excluding Vat. The employer
  • paid all the expenses, except fuel. The total fuel expenses for the year amounts to N$23000 from which N$7 500 was for private trips.
  • A cellular phone allowance of N$400 per month. Her business calls amounted to N$4000 for the year. Davis kept all the relevant records.
  • The employer contributed 7% of Davis’ annual basic salary towards a pension fund.
  • Davis’ contribution amounts to 8% of her basic annual salary.
  • Davis belongs to a medical aid fund for which her contributions amounts to N$18 500 per year.
  • She resides in a house, which is leased by her employer. The total monthly rental is N$12 000 of which Davis pays N$3 000. An approved housing scheme with the Receiver of Revenue is in place. She also receives free meals from her employer, which she consumes at home.
  • Sarah’s divorce was finalized during the year and in terms of the court order, her ex—husband pays her N$3,000 alimony per month. In addition, the settlement also awarded her their holiday home at the coast. The holiday cottage is valued at N$950,000.
  • She bought a computer from her employer for N$2 000. The cost price when purchased in 2015, was N$6 000 and the current market value is N$3 000.
  • Interest from a Bank Windhoek on a savings account, N$15 000.
  • A monthly annuity of N$1 500 as from 15tJuly 2011 received from Sanlam Namibia She purchased the annuity for a cash consideration of N$250 000. Her current life expectancy is 22.65 year

Required:
Calculate the taxable income of Sarah Davis for the 2017 year of assessment

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