gross income' Flashcards

1
Q

What is the definition of Gross Income?

- resident & non

A
  • during year of assessment
  • total amount
  • in cash or otherwise
  • received/accrued/in favour of
  • *from SA deemed source
  • excluding receipts/accruals of capital nature.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

When is a natural person defined as a resident?

A
  • when they are an ordinarily resident

- when they have spent a certain no of days (physical presence test)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

When is a company defined as a resident?

A
  • When they are incorporated/established/formed in the Republic
  • When the place of effective management is in the Republic
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What 2 cases apply to the definition of an ordinarily resident?

A
  • Cohen- return to real home

- Kuttel- was a habitually/normally resident

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the 3 requirements that need to be satisfied ito the physical presence test?

A
  • 91 days and > in current
  • 91 days and > in each of 5 preceding years
  • all together > 195 days
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Where is the place of effective management?

A

Where key management and commercial decisions are in substance made.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly