Transcription of INTERPRETATION NOTE: NO. 14 (Issue 3) ACT - SARS
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INTERPRETATION NOTE: NO. 14 (Issue 3) ACT - SARS
INTERPRETATION NOTE: NO. 14 ( issue 3) DATE: 20 March 2013 ACT : INCOME TAX ACT NO. 58 OF 1962 (the Act) SECTION : SECTIONS 8(1)(a); 8(1)(b) and 8(1)(c) AND PARAGRAPH 1 OF THE FOURTH SCHEDULE SUBJECT : ALLOWANCES, ADVANCES AND REIMBURSEMENTS CONTENTS PAGE Preamble .. 2 1. Purpose .. 2 2. Background .. 2 3. The nature of allowances, advances and reimbursements .. 3 Definition of the terms allowance , advance and reimbursement for the purposes of section 8(1) .. 3 Allowance .. 3 Advance .. 3 Reimbursement .. 4 General observations on the nature of allowances, advances and reimbursements .. 4 4. The law .. 5 5. Application of the law .. 5 Inclusion in taxable income allowances and advances .. 5 The terms principal and recipient .. 5 Exclusion from taxable income reimbursements and advances .. 6 Deductions from subsistence allowances .. 6 General.
The Note updates and replaces Issue 2 which was published on 8 January 2008 and incorporates relevant legislation changes up to and including the Taxation Laws Amendment Act No. 22 of 2012.
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