Page 31 - SAIT Compendium 2016 Volume1

s 1 INCOME TAX ACT 58 OF 1962 s 1
‘Collective Investment Schemes Control Act’ means the Collective Investment Schemes Control Act, 2002 (Act 45 of 2002);
[De nition of ‘Collective Investment Schemes Control Act’ inserted by s. 4 (1) (c) of Act 31 of 2013 – date of commencement: 1 January 2014.]
‘Commissioner’ means the Commissioner for the South African Revenue Service appointed in terms of section 6 of the South African Revenue Service Act, 1997 (Act 34 of 1997), or the Acting Commissioner designated in terms of section 7 of that Act;
[De nition of ‘Commissioner’ deleted by s. 4 (b) of Act 90 of 1964, inserted by s. 2 (1) (b) of Act 104 of 1980 and substituted by s. 34 (1) of Act 34 of 1997 and by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
‘Companies Act’ means the Companies Act, 2008 (Act 71 of 2008);
[De nition of ‘Companies Act’ inserted by s. 4 (1) (d) of Act 31 of 2013 – date of commencement: 1 January 2014.]
‘company’ includes—
(a) any association, corporation or company (other than
a close corporation) incorporated or deemed to be incorporated by or under any law in force or previously in force in the Republic or in any part thereof, or any body corporate formed or established or deemed to be formed or established by or under any such law; or
[Para. (a) substituted by s. 4 (1) (c) of Act 85 of 1974 and by s. 2 (1) (b) of Act 121 of 1984.]
(b) any association, corporation or company incorporated under the law of any country other than the Republic or any body corporate formed or established under such law; or
[Para. (b) substituted by s. 4 (1) (c) of Act 85 of 1974 and by s. 13 (1) (a) of Act 30 of 2000.]
(c) any co-operative; or
[Para. (c) substituted by s. 4 (1) (c) of Act 85 of 1974,
deleted by s. 13 (1) (b) of Act 30 of 2000 and inserted by s. 3 (1) (a) of Act 20 of 2006.]
(d) any association (not being an association referred to in paragraph (a) or (f)) formed in the Republic to serve a speci ed purpose, bene cial to the public or a section of the public; or
[Para. (d) substituted by s. 2 (1) (c) of Act 121 of 1984 and by s. 13 (1) (c) of Act 30 of 2000.]
(e) any— (i) . . .
[Sub-para. (i) deleted by s. 7 (1) (a) of Act 17 of 2009.] (ii) portfolio comprised in any investment scheme carried on outside the Republic that is comparable to a portfolio of a collective investment scheme in participation bonds or a portfolio of a collective investment scheme in securities in pursuance of any arrangement in terms of which members of the public (as de ned in section 1 of the Collective Investment Schemes Control Act) are invited or permitted to contribute to and hold participatory interests in that portfolio through shares, units or
any other form of participatory interest; or
[Sub-para. (ii) substituted by s. 3 (1) (a) of Act 8 of 2007, by s. 6 (1) (b) of Act 7 of 2010 and by s. 4 (1) (e) of Act 31 of 2013 – date of commencement: 1 January 2014.]
(iii) portfolio of a collective investment scheme in property that quali es as a REIT as de ned in paragraph 13.1 (x) of the JSE Limited Listings Requirements; or
[Sub-para. (iii) added by s. 2 (1) (a) of Act 22 of 2012 (date ofcommencement:1April2013;theadditionappliesiro years of assessment commencing on or after that date)
and substituted by s. 1 (1) (a) of Act 43 of 2014 (date of commencement: 1 January 2015) and by s. 3 (1) (b) of Taxation Laws Amendment Act, 2015 (‘Listing’ replaced by ‘Listings’) – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
[Para. (e) added by s. 3 (b) of Act 90 of 1962, amended by s. 2 (1) (a) of Act 28 of 1997 and substituted by
s. 13 (1) (d) of Act 30 of 2000 and by s. 6 (1) (b) of Act 74 of 2002.]
(f) a close corporation,
[Para. (f) added by s. 2 (1) (d) of Act 121 of 1984.]
but does not include a foreign partnership;
[De nition of ‘company’ amended by s. 6 (1) (d) of Act 7 of 2010.]
‘connected person’ means—
(a) in relation to a natural person—
(i) any relative; and
(ii) any trust (other than a portfolio of a collective
investment scheme) of which such natural
person or such relative is a bene ciary;
[Sub-para. (ii) substituted by s. 7 (1) (b) of Act 17 of 2009, by s. 2 (1) (b) of Act 22 of 2012 (substitution deemed to have come into operation as from the commencement of years of assessment commencing on or after 1 January 2010) and by s. 3 (1) (c) of Taxation Laws Amendment Act, 2015 (‘in securities or a portfolio of a collective investment scheme in property’ deleted (after ‘collective investment scheme’)) – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
(b) in relation to a trust (other than a portfolio of a collective investment scheme)—
[Words in para. (b) preceding sub-para. (i) substituted by s. 3 (1) (d) of Taxation Laws Amendment Act, 2015 (‘in securities or a portfolio of a collective investment scheme in property’ deleted (after ‘collective investment scheme’)) – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
(i) any bene ciary of such trust; and
(ii) any connected person in relation to such
bene ciary;
[Para. (b) amended by s. 7 (1) (c) of Act 17 of 2009 and by s. 2 (1) (c) of Act 22 of 2012 – amendment deemed to have come into operation as from the commencement of years of assessment commencing on or after 1 January 2010.]
(bA) in relation to a connected person in relation to a trust (other than a portfolio of a collective investment scheme), includes any other person who is a connected person in relation to such trust;
[Para. (bA) inserted by s. 19 (1) (c) of Act 30 of 1998 and substituted by s. 6 (1) (c) of Act 74 of 2002, by s. 7 (1) (d) of Act 17 of 2009, by s. 2 (1) (d) of Act 22 of 2012 (substitution deemed to have come into operation as from the commencement of years of assessment commencing on or after 1 January 2010) and by s. 3 (1) (e) of Taxation Laws Amendment Act, 2015 (‘in property or a portfolio of a collective investment scheme in securities’ deleted (after ‘collective investment scheme’)) – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
(c)
in relation to a member of any partnership or foreign partnership—
(i) any other member; and
(ii) any connected person in relation to any member
of such partnership or foreign partnership;
[Para. (c) substituted by s. 4 (1) (g) of Act 31 of 2013 – date of commencement: 12 December 2013.]
(d)
in relation to a company—
(i) any other company that would be part of the
same group of companies as that company if the expression ‘at least 70 per cent of the
SAIT CompendIum oF TAx LegISLATIon VoLume 1
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INCOME TAX ACT – SECTIONS