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Capital or revenue - Coggle Diagram
Capital or revenue
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principles
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to demonstrate that an asset is of a capital nature a taxpayer will have to satisfy a court that he was not involved in a scheme of profit-making
if a receipt or accrual arises from a detailed commercial transaction, the transaction must be considered in its entirety from a commercial perspective
a change of intention by a taxpayer has capital gains tax implications as well as gross income implications
the legality or otherwise of the business productive of income was irrelevant to the question of the liability of that income for tax