Page 41 - SAIT Compendium 2016 Volume2

Retirement annuity INCOME TAX ACT: REGULATIONS ANd NOTICES Living annuity
DETERMINATION OF AMOUNT FOR PURPOSES OF PARAGRAPH (b)(x)(cc) OF THE DEFINITION OF ‘RETIREMENT ANNUITY FUND’ IN SECTION 1
Promulgated under
GN 467 in GG 29913 of 1 June 2007
By virtue of the powers vested in me by paragraph (b) (x) (cc) of the de nition of ‘retirement annuity fund’ in section
1 of the Income Tax Act, 1962 (Act 58 of 1962), I, Trevor Andrew Manuel, Minister of Finance, hereby determine the amount for purposes of that paragraph to be R7 000 for the time being.
NOTICE SETTING OUT EXCLUDED ARRANGEMENTS FOR PURPOSES OF
SECTION 80N (4)
Promulgated under
GN 384 in GG 30941 of 1 April 2008
By virtue of the power vested in me by section 80N (4) of the Income Tax Act, 1962 (Act 58 of 1962), I, Trevor
Andrew Manuel, Minister of Finance, hereby give notice in the Schedule hereto of arrangements which have been identi ed as not being likely to lead to an undue tax bene t.
SCHEDULE
1 Excluded arrangements
Any arrangement where the tax bene t which is or will be derived or is assumed to be derived from that arrangement: (a) does not exceed R1 million; or
(b) is not the main or one of its main bene ts.
PUBLIC BENEFIT ACTIVITIES FOR PURPOSES OF SECTION 30 OF THE
ACT
Promulgated under
GN 696 in GG 31180 of 4 July 2008
By virtue of the powers vested in me by paragraph (b) of the de nition of ‘public bene t activity’ in section 30 (1) of
the Income Tax Act, 1962 (Act 58 of 1962), I, Trevor Andrew Manuel, Minister of Finance, having regard to the needs, interests and well-being of the general public, hereby determine the activities set out in the Schedule hereto as public bene t activities.
SCHEDULE
(a) The motivation, monitoring or reporting of development assistance for the poor and needy.
(b) The provision of funds to an organisation—
(i) which is incorporated, formed or established in terms of the laws of any country other than the Republic;
(ii) which is exempt from tax on income in that other country; and
(iii) the sole or principal object of which is the carrying on of one or more public bene t activities listed in Part I of
the Ninth Schedule to the Income Tax Act, 1962, where each activity is carried on—
(aa) in a non-pro t manner;
(bb) with an altruistic or philanthropic intent;
(cc) in a manner which does not directly or indirectly promote the economic self-interest of any duciary or
employee of the organisation other than by way of reasonable remuneration; and
(dd) for the bene t of, or is widely accessible to the general public of that country including any sector thereof
(other than small and exclusive groups).
NOTICE IN TERMS OF PARAGRAPH (c) OF THE DEFINITION OF ‘LIVING
ANNUITY’ IN SECTION 1
Promulgated under
GN 1164 in GG 31554 of 30 October 2008
I, Trevor Andrew Manuel, Minister of Finance, prescribe that the amount referred to in paragraph (c) of the de nition
of ‘living annuity’ in section 1 of the Income Tax Act, 1962, must be an amount of—
(a) R50 000, if any of the value of the annuity or any part of the retirement interest was previously commuted for a
single payment; or
(b) R75 000, in any other case.
SAIT CompendIum oF TAx LegISLATIon VoLume 2 33