Exemptions  cO)     the receipts and accruals of any recreational fellowship approved by the Commissioner in terms of ingredient 30A, to the extent that the receipts and accruals are derived†i)          in the form of membership fees or subscriptions paid by its members; ii)         from any business undertaking or trading bodily function that†aa)      is integral and directly related to the provision of social and recreational amenities or facilities for the members of that club; bb)      is carried out on a priming substantially the whole of which is directed towards the recovery of embody; and cc)      does not result in unfair competition in relation to taxable entities; iii)        from any fundraising activities of that club, which are of an occasional genius and undertaken substantially with assistance on a voluntary basis without compensation; and iv)        from any other source and do not in total exceed the greater of†aa)      five per penny of the total membership fees and subscriptions due and payable by its members during the applicable year of assessment; or bb)      R100 000; Income Tax Act, 1962 (Act 58 of 1962) Chapter II: The Taxes Part I: Normal Tax 30A. Recreational clubs   1)        For purposes of this Act, ‘‘recreational club‘‘ promoter any non-profit company as defined in section 1 of the Companies Act, 2008 (Act No. 61 of 1973), society or other association of which the sole or principal object is to forget social and recreational amenities or facilities for the members of that company, society or other association.  2)        The Commissioner must approve a recreational club for the purposes of section 10(1)(cO), if†a)        that club has submitted to the Commissioner a copy of the constitution or other written instrument in terms of... If you require to get a full essay, order it on our website: Orderessay
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