Page 297 - SAIT Compendium 2016 Volume1

s 66 INCOME TAX ACT 58 OF 1962 s 68
(13) The return for normal tax to be made by any person in respect of any year of assessment shall be a return—
[Words in sub-s. (13) preceding para. (a) substituted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
deemed to be income of that person in respect of that
year under charge;
(b) any such accounts are drawn to a date later than the
last day of the year of assessment, no further regard shall be had to the income disclosed by those accounts for purposes of any subsequent year of assessment;
(c) any such accounts are drawn to a date falling within the year of assessment and the person concerned dies or his or her estate is sequestrated during the interim period between that date and the last day of the year of assessment, any income received by or accrued to that person during that interim period must be deemed to be part of that person’s income for the year of assessment.
[Sub-s. (13A) inserted by s. 38 (1) (e) of Act 74 of 2002.] (13B) For the purposes of subsections (13A) and (13C), the word ‘income’ must be construed as including any
aggregate capital gain or aggregate capital loss.
[Sub-s. (13B) inserted by s. 38 (1) (e) of Act 74 of 2002 and substituted by s. 8 (1) (b) of Act 4 of 2008 and by s. 271 of Act 28 of 2011 – date of commencement: 1 April 2012.]
(13C) Where—
(a) a company does not close its accounts on the last day
of its nancial year, the Commissioner may accept accounts in respect of the taxpayer’s income drawn to a xed day approved by the Commissioner, which day shall fall within 10 days before or after the last day of the nancial year;
(b) such accounts are drawn to a date later than the last day of the year of assessment, no further regard shall be had to the income disclosed by those accounts for purposes of a subsequent year of assessment.
[Sub-s. (13C) inserted by s. 8 (1) (c) of Act 4 of 2008.]
(14) and (15) . . .
[Sub-ss. (14) and (15) deleted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
67 Registration as taxpayer
(1) Every person who at any time becomes liable for any normal tax or who becomes liable to submit any return contemplated in section 66 must apply to the Commissioner to be registered as a taxpayer in accordance with Chapter 3 of the Tax Administration Act.
[Sub-s. (1) substituted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(1A) . . .
[Sub-s. (1A) inserted by s. 8 (a) of Act 34 of 2004 and deleted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(2) . . .
[Sub-s. (2) substituted by s. 8 (b) of Act 34 of 2004 and deleted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
[S. 67 amended by s. 16 of Act 76 of 1968, by s. 37 (1) of Act 90 of 1988 and by s. 38 of Act 101 of 1990, repealed by s. 32 of Act 129 of 1991 and inserted by s. 62 of Act 45 of 2003.]
67A . . .
[S. 67A inserted by s. 9 of Act 34 of 2004, amended by s. 10 (1) of Act 32 of 2005 and repealed by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
68 Income and capital gain of married persons and minor children
(1) Any—
(a) income received by or accrued to or in favour of any
person married in or out of community of property which in terms of section 7 (2) is deemed to be income received by or accrued to such person’s spouse; or
[Para. (a) substituted by s. 86 of Act 24 of 2011 – date of commencement: 10 January 2012.]
(a)
in the case of a person (other than a company), for the whole period of twelve months ending upon the last day of the year of assessment under charge: Provided that where—
(a) a person dies, a return shall be made for the period commencing on the rst day of that year of assessment and ending on the date of death;
(b) the estate of a person is sequestrated, separate returns must be made for the periods—
(i) commencing on the rst day of that year of assessment and ending on the date preceding the date of sequestration; and
(ii) commencing on the date of sequestration and ending on the last day of that year of assessment;
(c) a person ceases to be a resident, a return shall be made for the period commencing on the rst day of that year of assessment and ending on the day preceding the date that the person ceases to be a resident; or
[Para. (c) added by s. 271 of Act 28 of 2011 – date of commencement: 1 April 2012.]
[Para. (a) amended by s. 61 (a) of Act 45 of 2003.]
in the case of a company, for the whole period of the relevant nancial year of that company comprising the year of assessment: Provided that where a company ceases to be a resident, a return shall be made for the period commencing on the rst day of that nancial year and ending on the day preceding the date that the company ceases to be a resident.
(b)
[Para. (b) amended by s. 271 of Act 28 of 2011 – date of commencement: 1 April 2012.]
[Sub-s. (13) amended by s. 10 (a) of Act 6 of 1963, substituted by s. 19 (a) of Act 90 of 1964 and by s. 38 (1) (c) of Act 74 of 2002 and amended by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(13)bis . . .
[Sub-s. (13)bis inserted by s. 10 (b) of Act 6 of 1963,
substituted by s. 19 (b) of Act 90 of 1964 and deleted by s. 38 (1) (d) of Act 74 of 2002.]
(13)ter . . .
[Sub-s. (13)ter inserted by s. 10 (b) of Act 6 of 1963,
substituted by s. 19 (c) of Act 90 of 1964 and deleted by s. 38 (1) (d) of Act 74 of 2002.]
(13)quat . . .
[Sub-s. (13)quat inserted by s. 10 (b) of Act 6 of 1963 and
deleted by s. 38 (1) (d) of Act 74 of 2002.]
(13)quin . . .
[Sub-s. (13)quin inserted by s. 19 (c) of Act 5 of 2001 and
deleted by s. 38 (1) (d) of Act 74 of 2002.] (13A) Where—
(a) it is established to the satisfaction of the Commissioner that the whole or any portion of the income of any person to whom the provisions of subsection (13) (a) apply cannot be conveniently returned for any year of assessment, the Commissioner may, subject to such conditions as he or she may impose, accept accounts in respect of the whole or a portion of the taxpayer’s income drawn to a date agreed to by the Commissioner, whether for a longer or shorter period than the year of assessment under charge, and the income disclosed in any such accounts must be
SAIT CompendIum oF TAx LegISLATIon VoLume 1
289
INCOME TAX ACT – SECTIONS