Page 77 - Test 1 Slides - 4. Gross Income

GROSS INCOME

Special inclusions

The following amounts are included in a taxpayers gross income, even

though they may be capital (paras (a) to (n) of gross income definition in
s1):

(a) Annuities (more than one periodical payments): Excludes installments
on the sale of capital assets and annual voluntary discretionary payments

(b) Alimony and maintenance payments (included but exempt under
s10(1)(u)

(c) Services: Includes voluntary awards for services rendered (includes
employment)

(cA) Restraint of trade: Taxed in full in the recipients hands. Relief for
payer under s11(cA)

(d) Compensation for loss of office: Includes voluntary amounts received
or accrued in respect of relinquishment, termination, loss etc. Excludes

any lump sum awards from pension or provident funds.

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