Transcription of INTERPRETATION NOTE NO. 33 ACT - SARS Home
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INTERPRETATION NOTE NO. 33 ACT - SARS Home
SSOOUUTTHH AAFFRRIICCAANN RREEVVEENNUUEE SSEERRVVIICCEE IINNTTEERRPPRREETTAATTIIOONN NNOOTTEE 3333 DATE : 4 July 2005 ACT : INCOME TAX ACT, 1962 (the Act) SECTION : SECTION 20(1)(a) SUBJECT : ASSESSED LOSSES: COMPANIES: THE TRADE AND INCOME FROM TRADE REQUIREMENTS 1. Purpose This note provides clarity on the circumstances in which a company may forfeit the right to carry forward its assessed loss where it has not traded during a year of assessment, or has traded but derived no income from trade. 2. Background In terms of section 20(1)(a) of the Act, a company that does not carry on a trade during a year of assessment forfeits the right to carry forward its assessed loss from the immediately preceding year of assessment.
south african revenue service interpretation note no. 33 date : 4 july 2005 act : income tax act, 1962 (the act) section : section 20(1)(a) subject : assessed losses: companies: the trade and income
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