Page 240 - SAIT Compendium 2016 Volume1

s 35A INCOME TAX ACT 58 OF 1962 s 36
(13) The estate agent or conveyancer who paid an amount in terms of subsection (12) is deemed to be a withholding agent for purposes of the Tax Administration Act.
[Sub-s. (13) substituted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(14) This section does not apply—
(7A) . . .
[Sub-s. (7A) inserted by s. 26 of Act 89 of 1969 and deleted by s. 24 (a) of Act 141 of 1992.]
(7B) . . .
[Sub-s. (7B) inserted by s. 21 (a) of Act 65 of 1973 and deleted by s. 24 (a) of Act 141 of 1992.]
(7C) Subject to the provisions of subsections (7E), (7F) and (7G), the amounts to be deducted under section 15 (a) from income derived from the working of any producing mine shall be the amount of capital expenditure incurred.
[Sub-s. (7C) inserted by s. 21 (a) of Act 65 of 1973, amended by s. 25 (a) of Act 94 of 1983 and by s. 26 (a) of Act 101 of 1990 and substituted by s. 24 (b) of Act 141 of 1992 and by s. 29 of Act 113 of 1993.]
(7D) . . .
[Sub-s. (7D) inserted by s. 21 (a) of Act 65 of 1973, amended by s. 25 (b) of Act 94 of 1983 and deleted by s. 24 (c) of Act 141 of 1992.]
(7E) The aggregate of the amounts of capital expenditure determined under subsection (7C) in respect of any year of assessment in relation to any mine or mines shall not exceed the taxable income (as determined before the deduction of any amount allowable under section 15 (a), but after the set-off of any balance of assessed loss incurred by the taxpayer in relation to such mine or mines in any previous year which has been carried forward from the preceding year of assessment) derived by the taxpayer from mining, and any amount by which the said aggregate would, but for the provisions of this subsection, have exceeded such taxable income as so determined, shall be carried forward and be deemed to be an amount of capital expenditure incurred during the next succeeding year of assessmentinrespectofthemineorminestowhichsuch capital expenditure relates.
[Sub-s. (7E) inserted by s. 25 (c) of Act 94 of 1983 and substituted by s. 26 (b) of Act 101 of 1990.]
(7F) The aggregate of the amounts of capital expenditure determined under subsection (7C) in respect of any year of assessment in relation to any one mine shall, unless the Minister, after consultation with the Cabinet member responsible for mineral resources and having regard to any relevant scal, nancial or technical implications, otherwise directs, not exceed the taxable income (as determined before the deduction of any amount allowable under section 15 (a), but after the set-off of any balance of assessed loss incurred by the taxpayer in relation to that mine in any previous year which has been carried forward from the preceding year of assessment) derived by the taxpayer from mining on that mine, and any amount by which the said aggregate would, but for the provisions of this subsection, have exceeded such taxable income as so determined, shall be carried forward and be deemed to be an amount of capital expenditure incurred during the next succeeding year of assessment in respect of that mine: Provided that where the taxpayer was on 5 December 1984 carrying on mining operations on two or more mines, the said mines shall for the purposes of this subsection be deemed to be one mine.
[Words preceding proviso substituted by s. 83 (a) of Act 31 of 2013 – date of commencement: 12 December 2013.]
[Sub-s. (7F) inserted by s. 16 (1) of Act 96 of 1985 and amended by s. 26 (c) of Act 101 of 1990.]
(7G) (a) Where in the case of any mine in respect of which mining operations or any related operations were or are commenced by the taxpayer after 14 March 1990 (in this subsection referred to as a new mine) an amount of capital expenditure falls to be disallowed under the provisions of
(a)
(b)
if the amounts payable by the purchaser to the seller and to any other person for or on behalf of the seller, in respect of the acquisition by that purchaser of the immovable property, in aggregate do not exceed R2 million; or
in respect of any deposit paid by a purchaser for purposes of securing the disposal of the immovable property by the seller to that purchaser, until the agreement for that disposal has become unconditional, in which case any amount which would have been required to be withheld from the amount of that deposit, must be withheld from the rst following payments made by that purchaser in respect of that disposal.
[Para. (b) substituted by s. 57 of Taxation Laws Amendment Act, 2015 (‘has been entered into’ replaced by ‘has become unconditional’) – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
(15) For purposes of this section—
‘conveyancer’ means a ‘conveyancer’ as de ned in section 102 of the Deeds Registries Act, 1937 (Act 47 of 1937);
‘estate agent’ means an ‘estate agent’ as de ned in section 1 of the Estate Agency Affairs Act, 1976 (Act 112 of 1976);
‘foreign currency’ means any currency other than the currency of the Republic;
‘immovable property’ means immovable property contemplated in paragraph 2 (1) (b) (i) and (2) of the Eighth Schedule.
[S. 35A inserted by s. 30 of Act 32 of 2004.]
36 Calculation of redemption allowance and unredeemed balance of capital expenditure in connection with mining operations
(1) and (2) . . .
[Sub-ss. (1) and (2) deleted by s. 24 (a) of Act 141 of 1992.]
(2)bis . . .
[Sub-s. (2)bis inserted by s. 12 (a) of Act 72 of 1963 and
deleted by s. 24 (a) of Act 141 of 1992.] [Sub-s. (3) amended by s. 12 (b) of Act 72 of 1963 and
deleted by s. 24 (a) of Act 141 of 1992.]
(3)bis . . .
[Sub-s. (3)bis inserted by s. 12 (c) of Act 72 of 1963,
substituted by s. 15 (a) of Act 90 of 1964, amended by s. 20 of Act 88 of 1965 and by s. 14 (1) (a) of Act 76 of 1968 and deleted by s. 24 (a) of Act 141 of 1992.]
(3)ter . . .
[Sub-s. (3)ter inserted by s. 14 (1) (b) of Act 76 of 1968 and
deleted by s. 24 (a) of Act 141 of 1992.]
[Sub-s. (4) amended by s. 12 (d) of Act 72 of 1963 and by s. 14 (1) (c) of Act 76 of 1968 and deleted by s. 24 (a) of Act 141 of 1992.]
(5) . . .
[Sub-s. (5) deleted by s. 24 (a) of Act 141 of 1992.]
(6) . . .
[Sub-s. (6) amended by s. 15 (b) and (c) of Act 90 of 1964 and deleted by s. 24 (a) of Act 141 of 1992.]
(7) . . .
[Sub-s. (7) deleted by s. 24 (a) of Act 141 of 1992.]
(3) . . .
(4) . . .
232
SAIT CompendIum oF TAx LegISLATIon VoLume 1