Podcast
Questions and Answers
What is the subjective approach to interpreting the meaning of an amount received for one's own benefit in the context of illegal earnings?
What is the subjective approach to interpreting the meaning of an amount received for one's own benefit in the context of illegal earnings?
- An amount received with the intention to benefit from it (correct)
- An amount received that is immediately repaid
- An amount received that is donated to charity
- An amount received that is not intended for personal benefit
According to the interpretation that an amount is accrued to a person when that person is entitled to it, what should be included in the current year/1st year of assessment if the total amount is payable in two successive tax years with the first payment payable in the current year of assessment?
According to the interpretation that an amount is accrued to a person when that person is entitled to it, what should be included in the current year/1st year of assessment if the total amount is payable in two successive tax years with the first payment payable in the current year of assessment?
- The whole amount (correct)
- The first payment only
- The balance only
- The total amount should be split evenly between the two tax years
In the case of MP Finance Group CC v CSARS 2007 (5) SA 521, what was the taxpayer's involvement in the illegal earnings?
In the case of MP Finance Group CC v CSARS 2007 (5) SA 521, what was the taxpayer's involvement in the illegal earnings?
- The taxpayer was a victim of an illegal pyramid scheme
- The taxpayer reported the illegal earnings to the authorities
- The taxpayer received ill-gotten gains (correct)
- The taxpayer was not involved in the illegal earnings
What is the conclusion of the approach that the receiver of ill-gotten gains could not be said to have received the money?
What is the conclusion of the approach that the receiver of ill-gotten gains could not be said to have received the money?
What is the definition of gross income according to section 1 of the Income Tax Act?
What is the definition of gross income according to section 1 of the Income Tax Act?
What is the difference between gross income for residents and non-residents?
What is the difference between gross income for residents and non-residents?
What happens if a taxpayer has no gross income or taxable capital gains?
What happens if a taxpayer has no gross income or taxable capital gains?
What is excluded from gross income according to the definition in section 1 of the Income Tax Act?
What is excluded from gross income according to the definition in section 1 of the Income Tax Act?
What is the definition of gross income in income tax law?
What is the definition of gross income in income tax law?
What is the significance of the phrase 'received by' in income tax law?
What is the significance of the phrase 'received by' in income tax law?
In Geldenhuys v CIR (1947) 3 SA 256, what was the ruling on whether an amount received as an agent or trustee forms part of the gross income of that agent or trustee?
In Geldenhuys v CIR (1947) 3 SA 256, what was the ruling on whether an amount received as an agent or trustee forms part of the gross income of that agent or trustee?
What was the ruling in the case of Stander v CIR (1997) 59 SATC 212 regarding a prize awarded to the taxpayer?
What was the ruling in the case of Stander v CIR (1997) 59 SATC 212 regarding a prize awarded to the taxpayer?
What is the historical stance of the judiciary on whether receipts/accruals from illegal activity should be included when calculating taxable income?
What is the historical stance of the judiciary on whether receipts/accruals from illegal activity should be included when calculating taxable income?
