Page 23 - Taxation F6 - The South African Tax System
P. 23
Gross Income
• Accrued=Entitlement=Unconditionally entitled.
• Regardless of whether the amount is due or payable.
• Illustrative example=A developer sells a completed
sectional title unit for 1million on 2 December 2013 subject
to the condition that the purchaser obtains a bond approval
on or before 20 January 2014.The bond is granted on the
10 of January 2014.
th
• The conditions are met on the 10 of January 2014 hence
th
entitlement.
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