Guidance on the income tax exemption for certain income arising from leasing of farm land is updated to include the changes introduced by Finance Act 2014. With effect from 1 January 2015 the age restriction or the requirement to be permanently incapacitated are removed.
The conditions for the relief, how the relief operates and the changes effective from 1 January 2015 are detailed in the guidance. The guidance also states that a company may be an eligible lessee provided it is not connected with or controlled by the qualifying lessor(s).
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.