Page 1154 - SAIT Compendium 2016 Volume2

EXPLANATORY MEMORANDUM ON THE TAXATION LAWS AMENDMENT BILL, 2015
Sub-clause (e): Amendments remove reference to Commissioner’s discretion.
Sub-clause (f): Amendments change the word ‘loan granted to him’ to ‘debt owed by him of her’ as a result of the deletion of the reference to the term ‘loan’ in this paragraph.
Sub-clause (g): Amendments change the word ‘loan’ to ‘debt’ as a result of the deletion of the reference to the term ‘loan’ in this paragraph.
CLAUSE 99
Income Tax: Amendment to paragraph 12 of the Seventh Schedule
Amendments change the word ‘loan’ to ‘debt’ as a result of the deletion of the reference to the term ‘loan’ in this
paragraph.
CLAUSE 100
Income Tax: Amendment to paragraph 12A of the Seventh Schedule Amendments remove reference to Commissioner’s discretion.
CLAUSE 101
Income Tax: Amendment to paragraph 12D of the Seventh Schedule corrects the reference to the de nition of retirement funding income’.
CLAUSE 102
Income Tax: Amendment to paragraph 2 of the Eighth Schedule Amendments:
• to sub-item (i) in subparagraph (1)(b): See notes on REVISION OF THE DEFINITION OF IMMOVABLE
PROPERTY, and
• to sub-item (ii) in subparagraph (1)(b) changes the words ‘which is attributable to’ to the words ‘effectively connected
with’ as a matter of style and consistency.
CLAUSE 103
Income Tax: Amendment to paragraph 3 of the Eighth Schedule
Sub-clause (a): Amendment deletes the word ‘or’ at the end of subparagraph (a).
Sub-clause (b): Amendments to subparagraph (b): See notes on REMOVING POTENTIAL ANOMALIES
ARISING FROM CANCELLATION OF CONTRACTS
Sub-clause (c): Amendments in subparagraph (b)(iii)(bb): Amendment deletes the full stop and inserts the expression ‘or’.
Sub-clause (d): Insertion of new subparagraph (c): See notes on REMOVING POTENTIAL ANOMALIES ARISING FROM CANCELLATION OF CONTRACTS
CLAUSE 104
Income Tax: Amendment to paragraph 4 of the Eighth Schedule
Sub-clause (a): Amendment deletes word ‘or’ at the end of subparagraph (a).
Sub-clause (b): Amendments to subparagraph (b): See notes on REMOVING POTENTIAL ANOMALIES
ARISING FROM CANCELLATION OF CONTRACTS
Sub-clause (c): Amendments in subparagraph (b)(iii)(bb): Amendment deletes the full stop and inserts the expression ‘or’.
Sub-clause (d): Insertion of new subparagraph (c): See notes on REMOVING POTENTIAL ANOMALIES ARISING FROM CANCELLATION OF CONTRACTS
CLAUSE 105
Income Tax: Amendment to paragraph 11 of the Eighth Schedule
Sub-clause (a): Amendments in subparagraph (2)(b) See notes on REMOVING POTENTIAL ANOMALIES
ARISING FROM CANCELLATION OF CONTRACTS
Sub-clause (b): Deletion of subparagraph 2(j): See notes on CLARIFICATION OF THE INTERACTION
BETWEEN TAXATION OF SHARE INCENTIVE TRUSTS, TIME OF DISPOSAL RULES AND ATTRIBUTION OF GAINS TO TRUST BENEFICIARY RULES
Sub-clause (c): Amendments in subparagraph (2)(m) - Amendment deletes the full stop and inserts the semi-colon.
Sub-clause (d): Insertion of new subparagraph 2(n): See notes on SECURITIES TRANSFER TAX AND CAPITAL GAINS TAX IMPLICATIONS ON COLLATERAL ARRANGEMENTS
Sub-clause (e): Insertion of new subparagraph 2(o): See notes on SECURITIES TRANSFER TAX AND CAPITAL GAINS TAX IMPLICATIONS ON COLLATERAL ARRANGEMENTS
CLAUSE 106
Income Tax: Amendment to paragraph 12A of the Eighth Schedule
Sub-clause (a): Amendment to subparagraph (4): Updates wording as a matter of style and consistency whilst
simultaneously correcting the alignment of the bottom ush so that it applies to both items (a) and (b).
Sub-clause (b): The amendment proposes to standardise reference to the Pension Funds Act in the Income Tax Act.
CLAUSE 107
Income Tax: Amendment to paragraph 13 of the Eighth Schedule
Insertion of subitem (iiB) – See notes on CLARIFICATION OF THE INTERACTION BETWEEN TAXATION
OF SHARE INCENTIVE TRUSTS, TIME OF DISPOSAL RULES AND ATTRIBUTION OF GAINS TO TRUST BENEFICIARY RULES
1146 SAIT CompendIum oF TAx LegISLATIon VoLume 2