Tax Exemption Guide for Recreational Clubs (Issue 4)
SARS has published issue 4 of the Tax Exemption Guide for Recreational Clubs
The updated guide (issue 4), as issued by SARS on 6 July 2022, provides general guidance on the approval of qualifying recreational clubs under section 30A of the Income Tax Act 58 of 1962 (“IT Act”) and the partial taxation of receipts and accruals under section 10(1)(cO) of the IT Act. The guide covers the following topics in detail:
- Definition of “recreational club”
- Approval by the Commissioner
- Written Undertaking
- Withdrawal of the approval
- Non-compliance by responsible person
- Partial taxation
- Receipts and accruals exempt from income tax
- Exemption from other taxes and duties
- Administrative provisions – Tax administration Act
- Furnishing of information
- Changes in registered particulars
- Record-keeping
- Income tax returns
- Objection and Appeal
Find a copy of the guide here.
15/07/2022