Page 318 - SAIT Compendium 2016 Volume1

First Schedule INCOME TAX ACT 58 OF 1962 Second Schedule
(f) If by reason of disposals of livestock otherwise than in the ordinary course of farming or because of any unusual circumstances the taxpayer’s livestock pro ts or loss for any year of assessment cannot be determined in a satisfactory manner under item (d) or the taxpayer’s average livestock pro ts for the years of assessment referred to in item (c) cannot be determined in a satisfactory manner under item (e), such livestock pro ts or loss or such average livestock pro ts shall be determined by the Commissioner on application by the taxpayer.
[Item (f) substituted by s. 82 (b) of Taxation Laws Amendment Act, 2015 – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
(g) The taxpayer’s excess plantation farming pro ts for any year of assessment referred to in item (a) shall be so much of the sum of the amounts referred to in subparagraph (2) (b) which have been derived by the taxpayer during such year, as does not exceed the amount by which the taxpayer’s taxable income (as determined under subparagraph (3) of paragraph 15 before applying paragraph (ii) of the proviso to the said subparagraph) derived during such year from the disposal of plantations and forest produce exceeds the annual average taxable income (as determined under paragraph 15 (3)) derived by him from that source over the three years of assessment immediately preceding the said year of assessment.
(4) For the purposes of this paragraph, the balance of the taxpayer’s taxable income for a year of assessment referred to in subparagraph (1) (c) shall be deemed to be the amount remaining after deducting the taxpayer’s excess farming pro ts for that year (as determined under subparagraph (3) (a)) from the full amount of the taxpayer’s taxable income for such year, as determined under this Act.
(5) . . .
[Sub-para. (5) deleted by s. 26 (b) of Act 104 of 1980.]
(6) (a) Any taxpayer (other than a company) may elect for the normal tax payable by the taxpayer to be determined
under this paragraph.
[Item (a) substituted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.] (b) For purposes of such election the following records must be obtained and retained:
[Words preceding subitem (i) substituted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
(i) a certi cate by the head of the department of State or the administration concerned in the acquisition by the State or such administration of the land referred to in item (a) of subparagraph (1), or where such land was acquired by a local authority, juristic person or body referred to in the said item, by the chief executive of cer of such local authority, juristic person or body, to the effect that the State or such administration, local authority, juristic person
or body, as the case may be, has acquired such land; and
(ii) where such land was acquired by such juristic person or body, a certi cate by a Minister referred to in section
3 (1) of the Expropriation Act, 1975, to the effect that the land was acquired by such juristic person or body by expropriation or, where the owner of the land agreed to dispose of it, to the effect that, if the owner had not so agreed, steps would have been taken for the expropriation of the land.
[Item (b) substituted by s. 31 (1) (d) of Act 103 of 1976.] [Para. 20 added by s. 33 (1) of Act 69 of 1975.]
Second Schedule
COMPUTATION OF GROSS INCOME DERIVED BY WAY OF LUMP SUM BENEFITS (paras. 1–7)
[Heading substituted by s. 35 of Act 3 of 2008]
(Paragraph (e) of the de nition of ‘gross income’ in section one of this Act.)
1. For the purposes of this Schedule—
‘formula A’ . . .
[De nition of ‘formula A’ amended by s. 34 (a) of Act 88 of 1971, by s. 34 (a) of Act 69 of 1975, by s. 26 (a) of Act 113 of
1977, by s. 17 (1) (a) of Act 104 of 1979, by s. 27 (a) of Act 104 of 1980, by s. 28 (1) of Act 96 of 1981, by s. 46 (1) (a) of Act 94 of 1983 and by s. 24 (a) and (b) of Act 65 of 1986 and deleted by s. 46 (1) (a) of Act 8 of 2007.]
‘formula B’ . . .
[De nition of ‘formula B’ amended by s. 31 (a) of Act 90 of 1962, by s. 23 (a) of Act 90 of 1964, by s. 34 (b) of Act 88 of
1971, by s. 34 (b) of Act 69 of 1975, by s. 26 (b) of Act 113 of 1977, by s. 17 (1) (b) of Act 104 of 1979, by s. 27 (b) of Act 104 of 1980, by s. 46 (1) (b) of Act 94 of 1983, by s. 24 (c) of Act 65 of 1986, by s. 43 of Act 101 of 1990, by s. 2 (2) (b) and s. 46 (1) of Act 8 of 2007, by s. 61 (1) of Act 35 of 2007, by s. 1 (2) (b) and s. 36 of Act 3 of 2008 and by s. 58 (1) of Act 60 of 2008 and deleted by s. 56 (1) (a) of Act 17 of 2009.]
‘formula C’ . . .
[De nition of ‘formula C’ inserted by s. 41 (1) (a) of Act 28 of 1997, amended by s. 47 (1) (a) of Act 30 of 1998, by
s. 82 of Act 45 of 2002 and by s. 56 (1) (b) of Act 17 of 2009 and deleted by s. 91 (1) (a) of Act 22 of 2012 – date of commencement deemed to have been 1 March 2012; this deletion applies in respect of amounts due and payable on or after that date.]
Prelex
Wording of item (f) in force until its substitution wef date of promulgation of Taxation Laws Amendment Act, 2015
(f) If by reason of disposals of livestock otherwise than in the ordinary course of farming or because of any unusual circumstances the Commissioner is of opinion that the taxpayer’s livestock pro ts or loss for any year of assessment cannot be determined in a satisfactory manner under item (d) or that the taxpayer’s average livestock pro ts for the years of assessment referred to in item (c) cannot be determined in a satisfactory manner under item (e), the Commissioner shall determine such livestock pro ts or loss or such average livestock pro ts in such other manner as he may consider appropriate.
310 SAIT CompendIum oF TAx LegISLATIon VoLume 1