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Question 1 [20] Renier Jooste, a natural person, submitted his second provisional tax return for the 2020 year of assessment on 29 February 2020. He was 51 years old at that time. He estimated his taxable income for the 2020 year of assessment at R1 200 000 and used this amount for his second provisional tax payment. Renier’s basic amount was R1 150 000. His first provisional tax payment was made on 31 August 2019 for R190 000. He received his assessment on 15 November 2020, which indicated that his final assessment of taxable income for the year was R1 650 000. Assume that Renier did not qualify for any medical credits. Required:
Question 1 [20] Renier Jooste, a natural person, submitted his second provisional tax return for the 2020 year of assessment on 29 February 2020.…