7. The exercise of an option under subparagraph (1)(c)(ii) or of paragraph 6 shall be binding upon the farmer in respect of all subsequent returns for income tax purposes, and no standard value fixed by any farmer whether under this Act or any previous Income Tax Act may be varied by him in respect of any subsequent year of assessment.

[Paragraph 7 amended by section 23 of Act 113 of 1977, substituted by section 76 of Act 25 of 2015 effective on 8 January 2016]