SARS issued Issue 2 of the Tax Guide to Recreational Clubs on the 11th of December 2013.
This guide has been prepared to assist those involved with recreational clubs to gain an understanding of the provisions introduced into the Act in relation to such clubs, with particular reference to the income tax and CGT implications. A brief summary of other tax issues that may affect such clubs has also been included.
The VAT implications affecting recreational clubs are not discussed in detail, although a brief summary is included.
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.