TAX2601
ASSIGNMENT 3 (SEMESTER 2)
DUE DATE: 2 September 2024
Written Assignment Submission Guidelines:
Please ensure that your assignment is submitted electronically through the myUnisa platform no
later than …September 2024. Kindly note that fax or email submissions will not be accepted.
NB: Assignment submitted to the lecturer(s) through email will not be considered.
QUESTION 1
Gross Income for Easy Elevators (Pty) Ltd (12 Marks)
ANSWER:
Gross Income Definition under the Income Tax Act 58 of 1962:
Gross income is defined in Section 1 of the Income Tax Act 58 of 1962 as:
• "The total amount, in cash or otherwise, received by or accrued to or in favour of a resident of
the Republic during such year or period of assessment, excluding receipts or accruals of a capital
nature."
Elements of Gross Income Definition:
1. Total Amount (in cash or otherwise):
o The R45,000 received by Easy Elevators is an amount in cash.
2. Received by or Accrued to:
ASSIGNMENT 3 (SEMESTER 2)
DUE DATE: 2 September 2024
Written Assignment Submission Guidelines:
Please ensure that your assignment is submitted electronically through the myUnisa platform no
later than …September 2024. Kindly note that fax or email submissions will not be accepted.
NB: Assignment submitted to the lecturer(s) through email will not be considered.
QUESTION 1
Gross Income for Easy Elevators (Pty) Ltd (12 Marks)
ANSWER:
Gross Income Definition under the Income Tax Act 58 of 1962:
Gross income is defined in Section 1 of the Income Tax Act 58 of 1962 as:
• "The total amount, in cash or otherwise, received by or accrued to or in favour of a resident of
the Republic during such year or period of assessment, excluding receipts or accruals of a capital
nature."
Elements of Gross Income Definition:
1. Total Amount (in cash or otherwise):
o The R45,000 received by Easy Elevators is an amount in cash.
2. Received by or Accrued to:
