Lml4804 tax law - Study guides, Study notes & Summaries

LML4804 INCOME TAX LAW Assignment 1 Sem 1 2022. Question 1 In order to advise Mofokeng if the proceeds of the sale of the fixed property must be included in his gross income for the 2016/2017 year of assessment one has to start by analysing the definition of gross income and it various aspects. “Gross Income” “Gross income” is defined in Section 1 of the Income Tax Act 58 of 1962 which reads as follows: “‘gross income’ in relation to any year or period of assessment, means,...

LML4804 - Tax Law Portfolio with detailed explanations

LML4804-TAX LAW PORTFOLIO 2021

STUDY UNIT 1 INTRODUCTION TO TAXATION State Expenditure and Financing: .........continued

LML4804 - Past Question Papers (2016-2021) After having studied this study unit you should understand and be able to explain $ the need for taxation $ the nature of taxation $ the different types and categories of taxes $ the difference between taxes and user charges $ the concept ”connecting factor”, and be able to describe various connecting factors $ the following concepts: tax base, tax incidence, tax burden, taxpayer, taxable value, tax rate and tax law $ the distinction betwee...

LML4804 TAX LAW SUMMARY NOTES. TAX LAW NOTES: STUDY UNIT 1 INTRODUCTION TO TAXATION State Expenditure and Financing: State expenditure is financed through: 1. Increasing the supply of money in the economy – minting own money; 2. Loans; 3. Generating own income. Generating states “Own Income” can be done by; 1. Sale or lease of property; 2. State enterprises and monopolies; 3. Taxes, duties, levies, and user charges. What is tax? Compulsory contribution, payable in money or in...

NAME: EMMANUEL NYATI STUDENT NUMBER: MODULE: LML4804 ASSIGNMENT: 03 UNIQUE NUMBER: Question 1 The question to be answered in the set of facts given is whether Bob will be liable for Capital Gains Tax (hereinafter referred to as CGT). Another question is whether Bob‟s plan to immigrate to Ireland has an effect on Bob‟s liability for CGT. CGT became a part of South African law on 1 October 2001. It is not a separate tax but is included in the Income Tax Act1 . It governs the tax i...

LML4804 Assignment 1 Sem 1 2022. Question 1 In order to advise Mofokeng if the proceeds of the sale of the fixed property must be included in his gross income for the 2016/2017 year of assessment one has to start by analysing the definition of gross income and it various aspects. “Gross Income” “Gross income” is defined in Section 1 of the Income Tax Act 58 of 1962 which reads as follows: “‘gross income’ in relation to any year or period of assessment, means, i) in the case...

LML4804 - Tax Law Assignment 1 Semester 2 2021. GROSS INCOME There is no definition for “accrued to” and we would therefore have to consider case law to determine what the courts held to determine the meaning of the phrase. IN ategan v CIR (1926 CPD) It was held that the meaning of ‘accrued to’ was ‘entitled to’. An amount of gross income accrues to a taxpayer in the year of assessment in which he became entitled to an amount, irrespective of the fact that the amount may only ...

LML4804 - Tax Law - Assignment 3 [2018/2] Questions & Answers - CAPITAL GAINS TAX & TAX ADMINISTRATION