An Analysis of The Term Actually Incurred In Section 11(a) of Income Tax Action
Act No 58 of 1962
A TECHNICAL REPORT TO BE PRESENTED TO THE DEPARTMENT OF ACCOUNTING UNIVERSITY OF CAPE TOWN
IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE BATCHELOR OF COMMERCE (HONOURS) DEGREE IN TAXATION
BY
PETER CRAWFORD STUDENT NO. CRWPET005 APRIL 1996
I certify that the report is my own work and all references used, are accurately recorded.
1.SYNOPSIS
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It will try to better understand the meaning and implications of this phrase, with a view to be able to better manage and control its impact on the recognition of expenditure and losses. It will also explore some of the grey areas that can and have caused the taxpayer and the fisc considerable problems in the past. In concluding, some of the recent legislative changes will de discussed and considered.
2. ACTUALLY INCURRED IN THE CONTEXT OF SECTION 11(a).
Section 11(a) of the South African Income Tax Act No. 58 of 1962(as amended), reads as follows:
11. General deductions allowed in determination of taxable income.- For the purpose of determining the taxable income derived by any person from the carrying on of any trade within the Republic, there shall be allowed as deductions from the income of such person so derived-
(a) expenditure and losses actually incurred in the Republic in the production of the income, provided that such expenditure and losses are not of a capital nature.
Section 11(a) is broadly referred to as the general deduction provision. It is intended to cover the requirements for expenditure and losses to be deductible in the determination of taxable income. Whilst the section is comprehensive as it stands, there is a further critical requirement that the
In controlling the financial manager makes sure that each department of the health agency is following the plans that have been put together. One way to do this is to study current records and compare them with reports from an earlier day and time. By comparing it’s often shows where you 're going to see the areas that need attention. The manager uses feedback to discover the areas that are not as effective. The purpose of controlling is to ensure that the original plans are being followed.
Write an APA-formatted response of no more than 200 words for each the following questions:
Since the passing of FISA came after a widespread finding of warrantless wiretapping by a number of different government entities, Congress along with the Carter administration, needed to carefully craft a bill that not only reconciled national security needs to conduct domestic surveillance, but also continued to protect individual liberties such as that of the first and fourth amendments. The once top-secret Carter administration memos regarding FISA offer a first-hand glimpse at the thinking that went into
Tax rate schedules are provided for use by (relatively) higher income taxpayers while the tax tables are provided for use by (relatively) lower income taxpayers.
1. [LO 1] Compare and contrast different ways in which a taxpayer triggers a realization event by disposing of an asset.
Ann paid $500 for her books and supplies and she incurred living expenses of $7,400.
An amount equal to 90% of the tax for the taxable year calculated by annualizing the taxable income received for the months in the taxable year ending before the month which the installment is required
Peaceful Pastures Funeral Home Inc. is an accrual basis taxpayer who sells prepaid goods and services to clients that will be provided for them at the time of their death. Goods and services are refundable upon the purchasers request at any time until the contracts are fulfilled. Peaceful Pastures Funeral Home Incorporated is in need of determining the period of recognition for income provide from a prepaid service for which they are an accrual basis taxpayer.
Bazan, E. B. (2008). The Foreign Intelligence Surveillance Act: overview and modifications. New York: Nova Science Publishers. When you look into this Act, there were many flaws that were infringing on American freedom. The FISA has faced much criticism and disapproval. One of the major problems associated with the FISA is the fact
A Health Savings Account (HSA) plan requires a high-deductible medical insurance policy, which means that the premiums on the policy will be less than for a low-deductible policy. The contributions to the HSA are deductible for AGI, which reduces the nondeductible amount of itemized deductions subject to certain limitations, and the taxpayer does not have to itemize to obtain the deduction. The HSA distributions pay for the deductible medical expenses and they are not included in gross income. Also, the income earned on the HSA is not included in gross income if it is used to pay medical expenses not covered by the high-deductible plan.
However, critics challenged the constitutionality of FISA and the abuse of the government power under the First, Fourth and Fith amendments of the United States Constitution. The problem led to the erection of “the wall” that inhibited the information sharing between the intelligence and law enforcement communities. The expansion of FISA after the enactment of USA PATRIOT Act significantly broadened the authority of the Executive Branch for the electronic surveillance and removed the wall, allowing the flow of information among Intelligence Community in the fight against terrorism. However, the removal of the wall led to the tension between national security and civil liberties. The FISC review has clarified the requirements for the use of intelligence under FISA to limit abuse of the Executive power. However, much is still needed to be done to properly balance the national security concerns and privacy rights. Consequently, the role of the Congress as an oversight machine is strongly required to limit instances under which the Government may conduct unlawful electronic
Facts: Murray Taxpayer was previously employed by a company who was illegally dumping chemicals into a river. Murray had knowledge concerning these illegal activities of his employer and made an ethical decision to report this to the Environmental Protection Agency. Upon inspection, the Environmental Protection Agency determined that Murrays employer was in fact illegally dumping and was appropriately fined for the charges. Murray’s employer reacted to his whistleblowing by firing him and making deliberate efforts to prevent Murray from gaining employment elsewhere. Murray then sued his former employer for damaging
Controlling is monitoring the performance of the organization, identifying deviations between planned and actual results, and taking corrective action when necessary. With all these four functions that are involved in the process of management, if all are followed correctly the organization will be properly ran and will have few complications.
Controls are measuring sticks to see if the desired goals are being met. Successful managers create parameters for their employees and implement controls within a criteria to confirm if the job is being done to standard. Case in point, I give quarterly performance counseling’s to each subordinate in my department on performance, being efficient at the job and using problem solving techniques. Controls to an extent border along the lines of micromanaging, but it can also be used to emphasize how well the subordinate is doing too. All quarterly counseling’s are not corrective in nature, but it is a great assessment tool for exceptional job performance as well. The usage of controls is part of my responsibility as a supervisor to ensure the goals are being achieved to standard.
A good control system provides timely information to the manager which is very much useful for taking various decisions. Control simplifies supervision by pointing out the significant deviations from the standards of performance. It keeps the subordinates under check and brings discipline among them.