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In November 2018, James (a South African resident and unmarried) inherited R 900,000 and a...

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Finance

In November 2018, James (a South African resident and unmarried) inherited R 900,000 and a factory building in Gauteng from his late grandfather's estate. He utilised this money locally to buy an investment portfolio, which yielded R 25 000 in interest on 28 April 2022. Additionally, James purchased shares on the Johannesburg Stock Exchange and the New York Stock Exchange. He received a net local dividend of R 9 300 and a foreign dividend of R 10 500. James owns less than 10% of shares in foreign investments, and no foreign taxes were levied on the foreign dividend. Since November 2015, he has been renting out the factory building for R 35 000 per month. The building is not eligible for any capital allowances. Calculate Jamess total amount that will be exempt from income tax for the 2023 year of assessment. (NB: No spaces, no Rand sign required and round off to the nearest Rand if applicable).

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