LML4804 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 26 August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations. For assistance, Whats-App 0.6.7-1.7.1-1.7.3.9. QUESTION 01 (Gross-income)
1.1
Freedom Movement Party (FMP) is a newly established political party which was reg...
Section 1 of the Income Tax Act defines "gross income" as:
1. The total amount, in cash or otherwise,
2. Received by or accrued to or in favour of,
3. A taxpayer during the year of assessment,
4. Excluding receipts or accruals of a capital nature.
Deposit Paid by FMP
The deposit of R150,000 paid by FMP is a clear case of income "received by" GP Media
House. According to the definition of gross income, any amount received by a taxpayer
is included in gross income, even if the service associated with that payment has not been
fully rendered.
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