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GROSS INCOME - Coggle Diagram
GROSS INCOME
Special Inclusions:
Amount will be included in gross income,
even if it does not meet all the requirements
(elements) as per the definition
Annuities
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Fixed payment, repetitive, obligation to payment
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Services Rendered
All amounts received for services rendered excluding fringe benefits:
Voluntary bonus, e.g., performance bonus
Tips received by waiters
Reward for providing the police with information
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Lump sum benefits
Amounts paidt o employee By employer or associated institution Due to change or loss of employment (retrenchment, fired etc)
Except
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Lease premiums
A lease premium is an upfront or extra payment from tenant to landlord, treated as income for the landlord
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Government Grants
Applies to the government in local , national
and provincial sphere.
•Included in Gross Income
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Exemptions
Certain Pension
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Disability pension
Compensations received ito
Workmen’s Compensation Act; or
Compensation for Occupational Injuries and Diseases Act
Compensation by employer on the death of a person, if it arises out of and in the course of that employment – limit R300 000. Compensation iro Road Accident Fund
Funeral benefit
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UIF
Any benefit or allowances payable in terms of the UIF
Act is exempt.
• The UIF provide short-term relief to workers, subject to certain
conditions, when they:– become unemployed, or – are unable to work because of illness, maternity or adoption
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Resident
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Company
Incorporated,
Established/
formed
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