Page 167 - SAIT Compendium 2016 Volume2

INCOME TAX ACT
INTERPRETATION NOTES
Table of Contents (numerical)
NUMBER DATE NAME/SUBJECT SECTION OF INCOME TAX PAGE ACT
1 30 November Provisional tax estimates Paragraph 19 (3) of Fourth 165 2001 Schedule
2 (Issue 3) 17 March Foreign dividends – deductibility of Section 11C 166 2009 interest
3 4 February Resident: de nition in relation to a natural Section 1 174 2002 person – ordinary resident
4 (Issue 4) 12 March Resident: de nition in relation to a natural Section 1 176 2014 person – physical presence test
5 (Issue 2) 23 January Employees’ tax: directors of private Paragraphs 1, 9 (5) and 11C of 182 2006 companies (which include persons in Fourth Schedule
close corporations who perform functions similar to directors of companies)
6 (Issue 2) 3 November Resident: place of effective management Section 1 186 2015 (persons other than natural persons)
7 26 March Restraint of trade payments Sections 1, 11 (cA) and 23 (l) 194 2002
8 (Issue 3) 28 August Insolvent estates of natural persons Section 25C 195 2013
9 (Issue 5) 14 October Small business corporations Section 12E 202 2009
11 (Issue 3) 11 February Trading stock: assets not used as trading Sections 1 and 22 215 2015 stock
12 27 March Recoupments: assets in a deceased estate Sections 8 (4) (a) and 25 (1) 219 2003
13 (Issue 3) 15 March Deductions: limitation of deduction for Section 23 (m) 221 2011 employees and of ce holders
14 (Issue 3) 20 March Allowances, advances and Sections 8 (1) (a) and 8 (1) (c) 226 2013 reimbursements
16 27 March Exemption from income tax: foreign Section 10 (1) (o) (ii) 240 2003 employment income
17 (Issue 3) 31 March Employees’ tax: independent contractors Fourth Schedule 246 2010
18 (Issue 3) 26 June 2015 Rebate or deduction for foreign taxes on Section 6quat 260 income
19 (Issue 3) 9 October Year of assessment of natural persons and 2013 trusts: accounts accepted to a date other
than the last day of February
Sections 1, de nition of ‘year of 340 assessment’, 5, 66 (13A), 89quat
and para. 21 of Fourth Schedule
20 (Issue 6) 27 November Additional deduction for learnership Section 12H 348 2015 agreements
24 (Issue 3) 4 February Public bene t organisations (PBOs): Section 10 (1) (cN) 358 2014 trading rules – partial taxation of trading
receipts