This document serves to keep stakeholders informed of impending changes regarding the amount of a subsistence allowance deemed to have been expended in terms of section 8(1)(c)(ii) of the Income Tax Act, 1962 (Act No. 58 of 1962). The changes set out in the Annexure to this document are to come into effect from 1 March 2012.
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.