Page 27 - SAIT Compendium 2016 Volume1

INCOME TAX ACT 58 OF 1962
12A Contribution to bene t fund
12B Incurral of costs relating to medical services
12C Bene ts in respect of insurance policies
12D Valuation of contributions made by employers to certain retirement funds
13 Payment of employee’s debt or release of employee from obligation to pay a debt 13A–15. . .
16 Bene ts granted to relatives of employees and others
17 Certi cates by employers
18 Annual statements by employers
19 .. .
20 Amendments to this Schedule
Eighth Schedule
DETERMINATION OF TAXABLE CAPITAL GAINS AND ASSESSED CAPITAL LOSSES (paras. 1–97)
1 De nitions 2 Application
[Eighth Schedule added by s. 38 of Act 5 of 2001.]
Part I
General (paras. 1–2)
Part II
Taxable capital gains and assessed capital losses (paras. 3–10)
3 Capital gain
4 Capital loss
5 Annual exclusion
6 Aggregate capital gain 7 Aggregate capital loss 8 Net capital gain
9 Assessed capital loss 10 Taxable capital gain
Part III
Disposal and acquisition of assets (paras. 11–14)
11 Disposals
12 Events treated as disposals and acquisitions
12A Reduction of debt
13 Time of disposal
14 Disposal by spouse married in community of property
Part IV
Limitation of losses (paras. 15–19) 15 Personal-use aircraft, boats and certain rights and interests
16 Intangible assets acquired prior to valuation date 17 Forfeited deposits
18 Disposal of options
19 Losses on the disposal of certain shares
Part V
Base cost (paras. 20–34)
20 Base cost of asset
20A Provisions relating to farming development expenditure
21 Limitation of expenditure
22 Amount of donations tax to be included in base cost
23 Base cost in respect of value shifting arrangement
24 Base cost of asset of a person who becomes a resident on or after valuation date
25 Determination of base cost of pre-valuation date assets
26 Valuation date value where proceeds exceed expenditure or where expenditure in respect of an asset cannot be
determined
27 Valuation date value where proceeds do not exceed expenditure 28 Valuation date value of an instrument
29 Market value on valuation date
30 Time-apportionment base cost
31 Market value
32 Base cost of identical assets
33 Part-disposals
34 Debt substitution
35 Proceeds from disposal
35A Disposal of certain debt claims
Part VI
Proceeds (paras. 35–43B)
SAIT CompendIum oF TAx LegISLATIon VoLume 1 19
INCOME TAX ACT