Page 80 - SAIT Compendium 2016 Volume2

PN 15/1992 Income Tax acT: PracTIce noTes PN 24/1994
PRACTICE NOTE 15 OF 1992 – DEDUCTION IN RESPECT OF WEAR AND TEAR OR DEPRECIATION IN TERMS OF SECTION 11 (e) OF THE INCOME TAX ACT: LEASED MACHINERY, PLANT, IMPLEMENTS, UTENSILS AND ARTICLES (INCLUDING VEHICLE AND EQUIPMENT) Government Notice 821 published in Government Gazette 13850 of 20 March 1992
Replaced by Interpretation Note 47 (issue 2) of 11 November 2009.
PRACTICE NOTE 16 OF 1993 – DEDUCTION IN TERMS OF SECTION 12C OF THE INCOME TAX ACT (THE ACT) IN RESPECT OF CERTAIN FOUNDATIONS OR SUPPORTING STRUCTURES Government Notice 394 published in Government Gazette 14641 of 12 March 1993
Note withdrawn* with effect from the commencement of years of assessment ending on or after 1 January 2012. SARS comment: This Note is obsolete in view of the amendment to section 12C by way of the Taxation Laws Amendment Act 24 of 2011.
PRACTICE NOTE 17 OF 1993 – TAXATION IMPLICATIONS OF BURSARIES AND SCHOLARSHIPS (APPLIES FROM COMMENCEMENT OF YEARS OF ASSESSMENT ENDED OR ENDING ON OR AFTER 1 JANUARY 1992 UNLESS OTHERWISE INDICATED)
Government Notice 395 published in Government Gazette 14641 of 12 March 1993
Note withdrawn† with effect from 1 March 2012 by Income Tax Interpretation Note 66. SARS comment: Legislation (section 10(1)(q)) was amended.
PRACTICE NOTE 19 OF 1993 – DEDUCTION IN RESPECT OF WEAR AND TEAR OR DEPRECIATION IN TERMS OF SECTION 11 (e) OF THE INCOME TAX ACT: MACHINERY, PLANT, IMPLEMENTS, UTENSILS AND ARTICLES (INCLUDING VEHICLE AND EQUIPMENT) (EXCLUDING LEASED ITEMS AS CONTEMPLATED IN PRACTICE NOTE 15 DATED 16 MARCH 1992)
Government Notice 707 published in Government Gazette 14756 of 30 April 1993
Replaced by Interpretation Note 47 (issue 2) of 11 November 2009.
PRACTICE NOTE 20 OF 1993 – TRANSACTIONS, OPERATIONS OR SCHEMES FOR PURPOSES OF AVOIDING OR POSTPONING LIABILITIES FOR OR REDUCING AMOUNTS OF TAXES ON INCOME: SECTION 103 OF THE INCOME TAX ACT, 1962 (THE ACT)
Government Notice 1090 published in Government Gazette 14877 of 25 June 1993
Note withdrawn* with effect from 1 February 2010. SARS comment: Matter mainly now dealt with in section 80B(2).
PRACTICE NOTE 22 OF 1994 – DEDUCTION OF RECURRENT EXPENDITURE INCURRED BY PUBLIC COMPANIES
issued by
OFFICE OF THE COMMISSIONER FOR INLAND REVENUE General Notice 611 published in Government Gazette 15796 of 17 June 1994
1. The following expenditure incurred by public companies is allowable as a deduction for income tax purposes: 1.1 Printing costs of annual reports.
1.2 Publishing of annual nancial reports.
1.3 Johannesburg Stock Exchange – annual quotation fees.
1.4 Transfer secretary fees.
2. However, where a public company is in receipt of both taxable income and exempt income, an equitable allocation
of expenditure is to be made.
PRACTICE NOTE 23 OF 1994 – TAXATION OF TRUSTS AND TRUST BENEFICIARIES IN TERMS OF
SECTION 25B OF THE INCOME TAX ACT, 1962
General Notice 633 published in Government Gazette 15805 of 24 June 1994
Withdrawn on 18 August 2015: Section 25B was substituted by section 27(1) of the Revenue Laws Amendment Act No. 32 of 2004 with effect from years of assessment ending on or after 24 January 2005
PRACTICE NOTE 24 OF 1994 – PRIVATE USE OF MOTOR VEHICLE
General Notice 911 published in Government Gazette 15915 of 19 August 1994
Note withdrawn† with effect from years of assessment commencing on or after 1 March 2010. SARS comment: In line
with the amendment to section 8, taxpayers are expected t keep better records.
* See http://www.sars.gov.za/home.asp?pid=5627. † See http://www.sars.gov.za/home.asp?pid=5627.
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