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Okkie is 59 years old, a resident of the RSA and has worked for Heights...

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Accounting

Okkie is 59 years old, a resident of the RSA and has worked for Heights Properties Ltd in Cape Town as a property manager for the past 25 years. Okkie elected to retire on 31 December 2018 from Heights Properties Ltd and received the following as a result of his retirement: - R120 000 as a lump sum from Heights Properties Ltd - R800 000 as a lump sum from H PF (Heights Properties Ltd requires that all its employees must be members of H PF) - R12 000 per month as an annuity from H PF with effect from 1 January 2019. - Since 1 March 2018, Okkie received a cash salary of R150 000 per month from Heights Properties Ltd. Okkie owns an investment property since 2015 and he leased it out during the last two years of assessment for R 8 000 per month. Except for the items listed above, Okkie did not have any other income or expenditure for the last two years of assessment. All his contributions to the PF have been allowed as deductions in the past. Calculate the normal tax payable by Okkie for the 2019 year of assessment

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