Income and Residency

Gross income is defined in

• s1 of the Income Tax Act

• s1 of the VAT Act

• Definitions section in Income Tax Act

• Definitions section in the VAT Act

The year end of a natural person ends on?

• 28/29 February

• 01 March

• 28 January

• 31 February

The maximum marginal tax rate for individuals is

• 45%

• 50%

• 27%

• 41%

Gross income includes receipts of a capital nature

• true

• false

Accrued to means?

• entitled to (including unconditional entitlement)

• ascertainable monetary value

• received by

• tree vs fruit

Total amount in cash or otherwise means?

(Two avaliable options)

• I don't know

• Ascertainable money value

• Corporeal or incorporeal property

• Unconditionally entitled

The tax rate on companies from 01 April 2023 is

• 28%

• 29%

• 30%

• 27%

Income is

• Income less exemptions

• Gross income less exemptions

• Gross income less exemptions less deductions

• Taxable income

A resident is taxed on

• gross income

• income from a source within the Republic

• worldwide income

• all income

Are you ready for year test 1?

• Nope

• Kind of