Page 298 - SAIT Compendium 2016 Volume1

s 68 INCOME TAX ACT 58 OF 1962 s 74
(b) capital gain which is in terms of paragraph 68 of the Eighth Schedule taken into account in the determination of the aggregate capital gain or aggregate capital loss of such person’s spouse,
shall be included by such spouse in returns of income required to be rendered by that spouse under this Act.
(2) In the event of the death of any person during any year in respect of which such income is chargeable or in which such capital gain is taken into account, the income or capital gain of such person’s spouse for the period elapsing between the date of such death and the last day of the year of assessment shall be returned as the separate income of such spouse.
(3) (a) Every parent shall be required to include in his return—
i(i) any income received by or accrued to or in favour of any of that parent’s minor children either directly or indirectly from that parent; or
(ii) any capital gain or capital loss in respect of any transaction entered into directly or indirectly by that parent, which is taken into account in the determination of the aggregate capital gain or aggregate capital loss of any of that parent’s minor children,
together with such particulars as may be required by the Commissioner.
(b) Every parent shall be required to include in that parent’s return any income deemed to be that parent’s income in terms of subsection (3) or (4) of section 7 or any capital gain deemed to be that parent’s capital gain in terms of paragraph 69 of the Eighth Schedule.
[s. 68 amended by s. 26 of Act 90 of 1962, by s. 23 of Act 88 of 1965, by s. 39 of Act 101 of 1990 and by s. 33 of Act 129 of 1991 and substituted by s. 20 of Act 5 of 2001.]
69 . . .
[S. 69 amended by s. 41 of Act 30 of 1998, by s. 39 of Act 74 of 2002, by s. 10 of Act 34 of 2004, by s. 9 of Act 4 of 2008 and by s. 8 of Act 18 of 2009 and repealed by s. 271 of Act 28 of 2011.]
70 . . .
72A Return relating to controlled foreign company
(1) Every resident who on the last day of the foreign tax year of a controlled foreign company or immediately before a foreign company ceases to be a controlled foreign company directly or indirectly, together with any connected person in relation to that resident, holds at least 10 per cent of the participation rights in any controlled foreign company (otherwise than indirectly through a company which is a resident), must submit to the Commissioner a return.
[Sub-s. (1) amended by s. 11 (1) (a) and (b) of Act 32 of 2005 and substituted by s. 13 (1) of Act 4 of 2008 and by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(2) A resident must have available for submission to the Commissioner when so requested, a copy of the nancial statements of the controlled foreign company for the relevant foreign tax year of that controlled foreign company. [Sub-s. (2) substituted by s. 18 (1) of Act 21 of 2012 – date of commencement deemed to have been 1 January 2012.]
(3) Where a person in respect of any year of assessment fails to comply with the provisions of—
(a) . . .
[S. 70 amended by s. 11 of Act 6 of 1963, by s. 20 of Act 90 of 1964, by s. 43 (a) and (b) of Act 85 of 1974, by s. 24 of Act 69 of 1975, by s. 26 of Act 28 of 1997, by s. 37 of Act 53 of 1999, by s. 42 of Act 30 of 2000, by s. 44 of Act 59 of 2000, by s. 63 of Act 45 of 2003, by s. 10 (1) of Act 4 of 2008 and by s. 9 of Act 18 of 2009 and repealed by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
70A . . .
[S. 72A inserted by s. 46 of Act 59 of 2000, amended by s. 42 (1) of Act 74 of 2002 and substituted by s. 65 (1) of Act 45 of 2003.]
73 . . .
[S. 73 amended by s. 14 (1) of Act 4 of 2008 and repealed by s. 271 of Act 28 of 2011 – date of commencement:
1 October 2012.]
73A . . .
[S. 73A inserted by s. 22 of Act 5 of 2001 and amended by s. 66 (a) and (b) of Act 45 of 2003 and bys.43(a)and(b)of Act 74 of 2002 and repealed by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
73B . . .
[S. 73B inserted by s. 22 of Act 5 of 2001, amended by s. 44 (a) and (b) of Act 74 of 2002 and by s. 5 of Act 61 of 2008 and repealed by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
73C . . .
[S. 73C inserted by s. 22 of Act 5 of 2001 and repealed by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
73C . . .
[Another s. 73C inserted by s. 12 (1) of Act 18 of 2009.]
74 . . .
[S. 74 amended by s. 24 of Act 88 of 1965, substituted by s.
14 of Act 46 of 1996, amended by s. 27 of Act 28 of 1997,
[S. 70A inserted by s. 21 of Act 5 of 2001, substituted by s. 49 (1) of Act 60 of 2001, by s. 40 (1) of Act 74 of 2002 and by s. 10 (1) of Act 18 of 2009 and repealed by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
70B . . .
[S. 70B inserted by s. 21 of Act 5 of 2001, amended by s. 50 (1) of Act 60 of 2001, by s. 64 of Act 45 of 2003 and by s. 11 of Act 4 of 2008 and repealed by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
71 . . .
[S. 71 substituted by s. 41 of Act 74 of 2002 and repealed by s. 271 of Act 28 of 2011 – date of commencement:
1 October 2012.]
72 . . .
[S. 72 amended by s. 45 of Act 59 of 2000 and by s. 12 (1)
of Act 4 of 2008 and repealed by s. 11 of Act 18 of 2009.]
(b)
[Para. (a) deleted by s. 11 (1) (d) of Act 32 of 2005.] subsection (2) and no reasonable grounds exist either for that failure which is outside the control of the person or for that person to believe that such person was not subject to that requirement—
(i) the proportional amount which must be included in the income of that person in terms of section 9D for that year shall be determined with reference only to the receipts and accruals of the controlled foreign company; and
(ii) the provisions of section 6quat shall not apply in respect of any tax proved to be payable to the government of any other country with respect to the proportional amount of the net income of that controlled foreign company which is included in the income of that person in terms of section 9D.
290 SAIT CompendIum oF TAx LegISLATIon VoLume 1