(cO)  the receipts and accruals of any recreational club approved by the Commissioner in terms of section 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 activity 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 basis substantially the whole of which is directed towards the recovery of cost; 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 nature 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 cent of the total membership fees and subscriptions due and payable by its members during the relevant year of assessment; or

(bb)   R120 000;