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 Analysis for Easy Elevators (Pty) Ltd
Gross Income Definition under the Income Tax Act 58 of 1962:
According to Section 1 of the Income Tax Act 58 of 1962, “gross income” is defined as:
• Total amount, in cash or otherwise, received by or accrued to or in favor of a taxpayer,
• During the year of assessment,
• Excluding amounts of a capital nature.
Application to Easy Elevators (Pty) Ltd:
1. Total Amount in Cash or Otherwise:
o The R45,000 received by Easy Elevators is a cash payment and, thus, constitutes a total
amount as per the definition of gross income.
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 Analysis for Easy Elevators (Pty) Ltd
Gross Income Definition under the Income Tax Act 58 of 1962:
According to Section 1 of the Income Tax Act 58 of 1962, “gross income” is defined as:
• Total amount, in cash or otherwise, received by or accrued to or in favor of a taxpayer,
• During the year of assessment,
• Excluding amounts of a capital nature.
Application to Easy Elevators (Pty) Ltd:
1. Total Amount in Cash or Otherwise:
o The R45,000 received by Easy Elevators is a cash payment and, thus, constitutes a total
amount as per the definition of gross income.
2. Received by or Accrued to:
