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QUESTION 4 (25 MARKS) 4.1 Bongani Ndamase retired on 31 December 2022 at the age of 65 . He received the following information regarding the lump sum that his pension fund will pay him on date of retirement: - A lump sum amount of R1 845000 (before tax) will be payable to him. - During the 30 years that he was a member of the fund, R45 000 of his own contributions were not allowed as deductions in terms of section 11F of the Act. - Bongani's taxable income excluding the lump sum amount for the current year of assessment is R750 000. He did not previously receive any lump sum payments. REQUIRED: Calculate the tax that Bongani will pay on the lump sum received from the pension fund. (5 Marks) QUESTION 4 (25 MARKS) 4.1 Bongani Ndamase retired on 31 December 2022 at the age of 65 . He received the following information regarding the lump sum that his pension fund will pay him on date of retirement: - A lump sum amount of R1 845000 (before tax) will be payable to him. - During the 30 years that he was a member of the fund, R45 000 of his own contributions were not allowed as deductions in terms of section 11F of the Act. - Bongani's taxable income excluding the lump sum amount for the current year of assessment is R750 000. He did not previously receive any lump sum payments. REQUIRED: Calculate the tax that Bongani will pay on the lump sum received from the pension fund

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