SARS has released Binding Private ruling 139 on the disposal of assets by a recreational club. This ruling deals with the capital gains tax consequences and the roll over relief provided for under paragraph 65B of the Eighth Schedule in respect of the disposal of some of the assets held by a recreational club and the utilisation of the total proceeds to acquire replacement assets.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.
MINIMUM REQUIREMENTS TO REGISTER
The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.