Section 21
Assessable income
of Petroleum (Income Tax) Act 1967
The assessable income of a chargeable person (in this section referred to as the relevant chargeable person) for a year of assessment
(in this section referred to as the relevant year) shall consist of the amount of his statutory income for the relevant year reduced by any deduction falling to be made for the relevant year pursuant to subsection (2).
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(2)
Subject to subsection (3), there shall be deducted pursuant to this subsection from the statutory income of the relevant chargeable person for the relevant year the amount of any adjusted loss for the basis periods for the years of assessment preceding the relevant year, which has not been deducted from his statutory income for a year of assessment prior to the relevant year.
(3)
A deduction of any adjusted loss under subsection (2) shall be made as far as possible from the statutory income for the first year of assessment after that for the basis period for which that loss is the adjusted loss, and, so far as it cannot be so made, then from the statutory income for the next year of assessment, and so on.
(4)
(Repealed by Act 79 of 1967).
(5)
(Repealed by Act 79 of 1967).