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Elements of gross income definition - Coggle Diagram
Elements of gross income definition
During the year or period of assessment
Sub nigel Ltd
an expense will be claimed in the year that it ha occured not in later years
Total amount in cash or otherwise
Butcher Bros
the onus rests with SARS to determine the amount
Brummeria
amount does not have to be able to be turned by tax payer to be an amount for the purpose of gross income definition
Lategan
any form of property with an ascertainable monetary value is included in the word amount, including debts and rights
Resident
Cohen
A country a person intends to return to from all his wanderings, that he regards as his real home is a ordinarily resident in that country
Kuttel
the country where a person is habitually or normally resident is an ordinarily resident in that country
Received by/accrued to or in favour of
Geldenhuys
the amount is only included in the gross income of taxpayer if it is received by him on his own behalf for his own benefit
MP Finance
even though receipts are illegal they are still received and therefore gross income
Pyott Ltd
deposits form part of gross income unless if they are kept in a separate trust account to benefit the customer
Witwatersrand association of racing clubs
an amount accrues to a tax payer if the taxpayer has no legal obligation to pay it over to another person
People's store
Included in gross income when entitled to not when you receive the money
Mooi
an amount accrues to taxpayer if he is unconditionally entitled to the amount
Excluding receipts/accruals of capital nature
Visser
income is what capital produces, tree vs fruit ,tree is seen as capital and fruit is seen as income
George forest timber
assets are either fixed or floating, sale of fixed asset gives rise to capital proceeds sale of floating gives rise to revenue
Scott
when an asset is sold at profit it does not necessarily show a change in intention, consider the taxpayers dominant intention
Pick n Pay employee share purchase trust
to classify proceeds as revenue in nature the scheme of profit making is essential
Richmond estates
the initial intention of a company are shown by the directors actions, type of business and the MOI
Natal estates
a person must be careful not to cross the rubicon and embark on a scheme of profit making but they may realise their capital asset to their best advantage
Elandsheuwel farming
Intention of stakeholders are considers when assessing use of capital, a change in shareholding can represent a change in intention
Nussbaum
considering the frequency, the secondary purpose could taint the primary purpose
Berea west estates
receipts of the realisation company are capital in nature.
Founders hill
by merely selling an asset through a realisation company does not make the proceeds capital in nature
Fourie beleggings
compensation for damages of capital asset equals capital
Stellenbosch farmers
when compensated for cancelled contract to an income earning right will be considered capital in nature
