Five Elements of Gross Income Definition
Total amount, in cash or otherwise:
CIR v Butcher Bros (Pty) Ltd
CSARS v Brummeria
Lategan v CIR
Principle: The word amount should be given a meaning that is not only about money but about the value of every property owned by the taxpayer, which has monetary value.
Principle: The onus is on SARS to determine the amount. Therefore, the amount must be of determinable value for it to be gross income.
Principle: The amount has to be in the form of an asset which can be turned into money if it was sold.
Receipt:
MP Finance
Delagoa Bay Cigarettes
Gekdenhuys v CIR
Pyott Ltd v CIR
CIR v Witwatersrand Association of Racing Clubs
During the year/period of assessment:
Accruals
Lategan v CIR
Mooi v CIR
CIR v People's Stores (Walvis Bay) (Pty) Ltd
Capital v Income
Principle:
Principle:
Principle:
Principle: Amount will be included in gross income if it is received by taxpayer on his/her behalf for his/her benefit.
Principle:
Principle:
Principle:
Principle: