Commentary

A1.122 Income must be derived from a designated source

Administration and compliance

A1.122 Income must be derived from a designated source

A1.122 Income must be derived from a designated source

Although it is impossible to give a definition of what is income for the purposes of the Income Tax Acts, it will be apparent that 'receipts', to use a neutral term, which are not derived from any of the sources designated in the taxing statutes are not chargeable to income tax. It is on this principle that many casual profits or increments are excluded from the charge. To take an example, if A, not being engaged in the trade of dealing in pictures, buys some pictures for the purpose of furnishing

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