This ruling deals with the distribution of a loan account, which is the only asset of
the Co-Applicant, a wholly owned subsidiary of the Applicant. This distribution will
comprise of a distribution of all of the Co-Applicant’s accumulated profits and a
return of its share capital to the Applicant in anticipation of the Co-Applicant’s
Please click here to view the ruling (7 July 2015).
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.