Page 22 - Taxation F6 - The South African Tax System
P. 22
Gross Income
• Received and Accrued=It refers to receipts and accruals.
• Appreciation in value of the stock?
• Received= on the taxpayer’s behalf or for taxpayers benefit.
• How about deposits and advance payments?
• If non-refundable=include in the gross income.
• If refundable for example a loan=its not gross income.
• What if a person receives a deposit for example a lawyer
for services to be offered in the following year of
assessment and he uses it for his own benefit.(he has an
intention but not the right hence the deposit will be
included in his gross income)
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