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Group 132 scans accounting firm. Nobuhle Filtane Tax Analyst.
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introduction. Think by Numbers » NEWS FLASH: US Government Wastes $1.5 Trillion on ....
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Issue:. Available records show that Jonathan total receipts and accruals from his drug dealing business amounted to R18 000 000 for the 2022 year of Assessment ..
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For a resident gross income is -the total amount, -in cash or otherwise, -received by or accrued to, - during the year or period of assessment, -excluding receipts or accruals of a capital nature (unless one of the so-called special inclusions applies). The components in question are not defined in the Income Tax Act and case law has to be considered to assist with the interpretation thereof..
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Court case: Delagoa Bay Cigarettes Company. epaBayClgarett@Compony.
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Court Case: MP FINANCE.
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Conclusion:. Therefore, the R18 000000 was received by Jonathan Moon and will be included in his gross income..
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Issue:. The deductibility of expenditure incurred in illegal drug dealing operations..
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The requirements of the general deduction definition formula, that must all be met, are as follows : - in the carrying on of a trade -expenditure and losses -actually incurred -during the year of assessment -in the production of income -not of a capital nature -to the extent that it was laid out for purposes of trade.
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Relevant Court cases related to general deduction.
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Court case: burgees. r„ær,'.
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Court case: joffe.
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Court case: nasionale pers. ihiA NRE.
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Court case: sub- nigel. 2i?Q l. u •Nige.
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Court case: pe tramway. PETramwa.
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Court case: bp south africa. Ziti.} ,.
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Laid out to the extent of trade.. Free Images : shopping, online, mobile, fashion, shop, app, <strong>business</strong> ....
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conclusion. -IS en-OA mumvu -.
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Reference list. Bruwer , L., Cass, C., Koetzee,K ., Cucciolillo , D., De Hart, K., Koekemoer , AD., Oostuizen , A. & Stedall,C . 2022. A Student's Approach To Taxation In South Africa. 2nd ed. South Africa: LexisNexis. SAICA, 2001. SAICA. [Online] Available at: https://www.saica.co.za/integritax/2001_March_Special_issue/2_1_Gross_Income.htm [Accessed 11 June 2022]. SARS, 2013. SARS. [Online] Available at: https://www.sars.gov.za/wp-content/uploads/Legal/Draft-2013-09-Draft-Interpretation-Note-Deductibility-Expenditure-and-Losses-arising-from-Embezzlement-or-Theft.pdf [Accessed 11 June 2022]. Khumalo , N.H. 2016. The Taxability Of Income Derived From Illegal Activities In Terms Of The Income Tax Act 58 Of 1962. Med dissertation. Pietermaritzburg: UKZN..