Q&A notes: Honours:

Income Tax

All q&a honours notes

General Deduction Formula

Question

1.         What is the limitation in terms of Sec 23H and what is the maximum time period that an amount can be prepaid?

2.         The following costs was incurred during the year ended 31 December 2014:

Algemene Aftrekking

Vraag

1. Wat is die beperking ingevolge Art 23H en wat is die maksimum tydperk wat dit vooruitbetaal kan wees?

Is a Public Benefit Organisation a provisional taxpayer?

An approved PBO is not a provisional taxpayer as defined in paragraph 1 of the Fourth Schedule to the Income Tax Act and will therefore not be required to register as a provisional taxpayer. However, an approved PBO will be required to submit an annual return (IT12EI), even where it has no normal tax liability.