Income Flashcards
1
Q
- What is income?
A
Income is something that is receipt
2
Q
What is a windful gain?
A
A windfall gain is something that is given of moneys worth but is non reciprocal and is voluntary
3
Q
What is asseable income
A
Assessable income is limited to income that is derived, except for, exempt income, excluded income and non-residents foreign sourced income
