Page 28 - SAIT Compendium 2016 Volume1

INCOME TAX ACT 58 OF 1962
36 Disposal of partnership asset
37 Assets of trust and company
38 Disposal by way of donation, consideration not measurable in money and transactions between connected
persons not at an arm’s length price
39 Capital losses determined in respect of disposals to certain connected persons
39A Disposal of asset for unaccrued amounts of proceeds
40 Disposal to and from deceased estate
41 Tax payable by heir of a deceased estate
42 Short-term disposals and acquisitions of identical nancial instruments
42A .. .
43 Assets disposed of or acquired in foreign currency
43A Dividends treated as proceeds on disposal of certain shares
43B Base cost of assets of controlled foreign companies
Part VII
Primary residence exclusion (paras. 44–51A)
44 De nitions
45 General principle
46 Size of residential property qualifying for exclusion
47 Apportionment in respect of periods where not ordinarily resident
48 Disposal and acquisition of primary residence
49 Non-residential use
50 Rental periods
51 Transfer of residence from company or trust
51A Disposal of residence by company or trust and liquidation, winding up, deregistration or termination of
company or trust
Part VIII
Other exclusions (paras. 52–64B)
52 General principle
53 Personal-use assets
54 Retirement bene ts
55 Long-term assurance
56 Disposal by creditor of debt owed by connected person
57 Disposal of small business assets
57A Disposal of micro business assets
58 Exercise of an option
59 Compensation for personal injury, illness or defamation
60 Gambling, games and competitions
61 Portfolios of collective investment schemes other than portfolios of collective investment schemes in property
62 Donations and bequests to public bene t organisations and exempt persons
63 Exempt persons
63A Public bene t organisations
63B Small business funding entities
64 Asset used to produce exempt income
64A Awards in terms of the Restitution of Land Rights Act
64B Disposal of equity shares in foreign companies
Part IX
Roll-overs (paras. 65–67D)
65 Involuntary disposal
65B Disposal by recreational club
66 Reinvestment in replacement assets
67 Transfer of asset between spouses
67A .. . 67AB . . .
67B Disposal of immovable property by share block company
67C Mineral rights conversions and renewals
67D Communications licence conversions
Part X
Attribution of capital gains (paras. 68–73)
68 Attribution of capital gain to spouse
69 Attribution of capital gain to parent of minor child
70 Attribution of capital gain subject to conditional vesting
71 Attribution of capital gain subject to revocable vesting
72 Attribution of capital gain vesting in non-resident
73 Attribution of income and capital gain
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SAIT CompendIum oF TAx LegISLATIon VoLume 1