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11 Cards in this Set
- Front
- Back
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Income is calculated how? |
Gross Income - Exemptions |
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Gross income can be split into two parts name them? |
The definition And Specific deductions |
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When will a tax payers income be included as gross income? |
If it meets all the requirements of the definition however an exception is if the Tax Act includes it |
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Which case is used for total amount in cash or otherwise |
Butcher Bros (Pty) Ltd v CIR |
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Which is case is used for received by in the gross income definition? |
Geldenhuys vs Commission for Inland Revenue |
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Which is case is used for accrued to in the gross income definition? |
CIR vs People stores Pty Ltd |
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Which is case is used for until the accrued condition has been satisfied in the gross income definition? |
Mooi vs SIR |
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Which is case is used for the fruit and tree principle in the gross income definition? |
CIR vs Visser |
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Name the specific/special inclusions for gross income |
1. Lease premiums 2. Leasehold improvements 3. Proceeds from disposal of certain assets 4. Dividends 5. Key man insurance policies proceeds 6. Recoupments 7. Government grants |
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Which are included as absolute exemptions? |
1. Any level of government in the Republic 2. Any institution that conducts scientific, technical or industrial research 3. Body corporates 4. Share block companies 5. Public benefit organisations 6 pension funds 7. Retirement annuity 8. Benefit funds 9. Approved recreational clubs
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Which are included as partial exemptions? |
1. Local dividends 2. Foreign dividends |
