Transcription of In this Note unless the context indicates otherwise - SARS
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In this Note unless the context indicates otherwise - SARS
INTERPRETATION NOTE: NO. 64 (Issue 3) DATE: 17 August 2015 ACT : INCOME TAX ACT NO. 58 OF 1962 SECTION : SECTION 10(1)(e) SUBJECT : INCOME TAX EXEMPTION: BODIES CORPORATE, SHARE BLOCK COMPANIES AND ASSOCIATIONS OF PERSONS MANAGING THE COLLECTIVE INTERESTS COMMON TO ALL MEMBERS CONTENTS PAGE Preamble .. 2 1. Purpose .. 3 2. Background .. 3 3. The law .. 3 4. Application of the law .. 4 Qualifying entities .. 4 Bodies corporate .. 4 Share block companies .. 4 Association of persons .. 5 Non-qualifying entity .. 6 Time-share exchange entities .. 6 Levy .. 6 Receipts and accruals qualifying as levy income .. 7 (a) General levies .. 7 (b) Special levies .. 7 (c) Building penalty levies .. 7 (d) Stabilisation fund levies .. 7 Receipts and accruals not qualifying as levy income .. 8 (a) Fines .. 8 (b) Late payments .. 8 Basic exemption and effective date .. 8 5. Application for exemption .. 9 Bodies corporate and share block companies .. 9 Association of persons.
4 4. Application of the law . 4.1 Qualifying entities . 4.1.1 Bodies corporate . The Sectional Titles Act provides for separate ownership of a unit in a development
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