Transcription of INTERPRETATION NOTE: 24 (Issue 4) ACT - SARS
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INTERPRETATION NOTE: 24 (Issue 4) ACT - SARS
INTERPRETATION NOTE: 24 (Issue 4) DATE: 12 February 2018 ACT : INCOME TAX ACT 58 OF 1962 SECTION : SECTION 10(1)(cN) SUBJECT : PUBLIC BENEFIT ORGANISATIONS: TRADING RULES PARTIAL TAXATION OF TRADING RECEIPTS CONTENTS PAGE Preamble .. 2 1. Purpose .. 2 2. Background .. 3 3. The law .. 3 4. general meaning of certain terminology in the context of section 10(1)(cN) .. 4 Basic exemption .. 4 Business undertaking .. 4 Integral and directly related .. 4 Occasional nature .. 4 Recovery of cost .. 5 Sole or principal object .. 5 Substantially the whole .. 6 Substantially with assistance on a voluntary basis .. 6 Total receipts and accruals .. 6 Trading activity .. 7 Unfair competition .. 7 5. Application of the law .. 8 6. Categories of business undertakings or trading activities .. 8 Integral and directly related trade .. 8 Occasional trade.
4 . 4. General meaning of certain terminology in the context of section10(1)( c. N) 4.1 Basic exemption . The amount which is determined as a threshold is applied to the total receipts and
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