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Ngwenya (Pty) Ltd made a restraint of trade payment of R1 400 000 to a retiring ...
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Ngwenya (Pty) Ltd made a restraint of trade payment of R1 400 000 to a retiring director, Mr Msomi, on 1 September 2024. Mr Msomi was restrained from competing with the company for four years from the date of the payment. This payment will be included in Mr Msomi's gross income for his 2025 year of assessment. Calculate how much will be deductible by Ngwenya (Pty) Ltd for the year of assessment ending 28 February 2025.
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