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ELEMENTS OF GROSS INCOME DEFINITION - Coggle Diagram
ELEMENTS OF GROSS INCOME DEFINITION
The total amount in cash or otherwise
Butcher Bros
The principle of the Butcher Bros states that the onus is on SARS to determine the amount. If there is no amount can be determined there will no gross income.
Brummeria
On this case, the judge revealed that the question whether a receipt or accrual in a form other money ha a money value is the primary question. The ability to turn such receipts or accrual into money is but one of the ways in which it can be determined whether it has a money value. It does not follow that a receipt or accrual which cannot be turned into money has no value.
Lategan
The principal of the Lategan case states that the word amount includes any form of property with an ascertainable monetary value, including debt and right.
Received by or accrued to or in favour of such resident
Accrual
Witwatersrand Asso ciation of racing clubs
Amount accrues to a taxpayer if the taxpayer
has no legal obligation to pay it over
People's Stores
M oney is included in gross income when
entitled to not when you receive the money
Mooi
Accrued means unconditionally entitled to the amount
Lategan
Accrued to means to
Receipts
Geldenhuys
The amount is only included in gross income by a
taxpayer only if it is received by him on his own behalf, for his own benefit.
ITC 24510
Gift card receipts were received upon sale but not for the taxpayers own benefit rather for the benefit bears.CPA requires gift card to be held in a separate account( in a fiduciary capacity on behalf of the card holders) meaning card holders will only include the monies in gross income when the gift card are redeemed or expires since this is when a taxpayer receives it. IMPORTANT THINGS TO NOTE!! 1. The court shows the segregation of receipts of gift cards in a separate bank account for that purpose does not stipulate it did not hold the money for itself or on its behalf. 2.If there is a conflict between income tax Act and the CPA , there is no president set on there being hierarchical claim of either one.
MP F inance Group CC(in liquidation)
A bilateral receipt that is used for your own intention means that it has been received. Taking money doesn't mean it has been received by you as it was never given to you in the first place.
Pyott Ltd
Deposits are still received and form part of gross income. A deposit is only treated as unreceived if the money is kept separately in a trust account, for the benefit of the customer.
Resident
Kuttel
A person is ordinarily resident where the person
principle residence is, where the person is habitually and normally resident
Cohen
A person is ordinarily resident in the country to which he intends to return from all his wanderings, the country he regards as his real namr.
Source
Lever Brothers
In order to determine the source of an amount one must consider Lever Brother.
What is the originating cause?
Where is the cause situated?