SARS has released Interpretation Note 78, which provides guidance on the interpretation and
application of section 24C when income is received in advance while the expenditure
under the contract will only be incurred in a subsequent year of assessment.
Please click here to access the Interpretation Note.
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.