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Income Tax Act, 1962 (Act 58 of 1962)

Practice Notes

Withdrawal of Practice Notes

Notice No. 845

 

 

Notice No. 845

16 July 2004

 

 

South African Revenue Service

 

SARS has embarked on a process to review and either withdraw or replace the existing Practice Notes.

As part of this process notice is hereby given that the Practice Notes listed in the schedule below are hereby withdrawn.

 

SCHEDULE

 

PRACTICE NOTE

DATE ISSUED

SUBJECT

REASON

1.

1 March 1985

Income Tax: Deemed

dividend

Legislation repealed

2.

6 May 1985

Income Tax:

Transactions in credit

instruments which are

issued at a discount

Matter mainly now dealt

with in section 24J

3.

2 September 1985

Income Tax: Valuation of

trading stock with

special reference to the

treatment of overhead

excess and LIFO

reserves

Obsolete-LIFO reserve

phased out

6.

5 May 1987

Income Tax: Trading

stock: Consumable

stores, spare parts, etc

Obsolete-definition of

trading stock amended

7.

4 August 1988

Moratorium: Exemption

from stamp duty or

transfer duty relating to

the transfer of

marketable securities or

property or of rights or

obligations under bonds

under a scheme for the

rationalisation of a group

of companies and the

assessment of

companies in any such

group for income tax

purposes in certain

circumstances

Obsolete-legislation no

longer applicable

14.

6 December 1991

Income Tax: Employee

Tax Deductions in

respect of amounts

payable to of companies

(including members of

close corporations)

Obsolete-legislation

amended

21.

1 June 1994

Income Tax: Registration

of inter viros trusts

New Processes in place

38.

5 May 1995

Exemption of stamp duty

or transfer duty relating

to the transfer of

marketable longer

securities or property or

of rights or obligations

under bonds in terms of

a scheme for the

rationalisation of a group of companies and the

assessment of such

group of companies for

income tax purposes in

certain circumstances

Obsolete-legislation no

longer applicable

44.

23 February 1996

Income Tax: Doubtful

debts: Exporters: Credit

not covered bu insurance

Normal requirements of

section 11 9j0 are

applicable. This

withdrawal does not

reinstate the practice

withdrawn with effect

from 1 November 1995