Page 324 - SAIT Compendium 2016 Volume1

Second Schedule INCOME TAX ACT 58 OF 1962 Second Schedule
Prelex
Wording of item (a) in force until its substitution wef 1 March 2016 (a) in the case of—
(i) a lump sum bene t contemplated in paragraph 2 (1) (b) (iA), so much of the bene t as is paid or transferred for the bene t of the person from a—
[Words in subitem (i) preceding subsubitem (aa) substituted by s. 99 (1) (a) of Act 22 of 2012 – date of commencement deemed to have been 1 March 2012; the substitution applies in respect of amounts due and payable on or after that date.]
(aa) pension fund into any pension fund, pension preservation fund or retirement annuity fund;
(bb) pension preservation fund into any pension fund, pension preservation fund or retirement annuity fund; [Subitem (bb) substituted by s. 92 (1) (a) of Act 24 of 2011 – date of commencement: 1 March 2012.]
(cc) provident fund into any pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund;
[Subitem (cc) substituted by s. 92 (1) (b) of Act 24 of 2011 – date of commencement: 1 March 2012.]
(dd) provident preservation fund into any pension preservation fund, provident fund, provident preservation
fund or retirement annuity fund; and
[Subitem (dd) substituted by s. 92 (1) (c) of Act 24 of 2011 – date of commencement: 1 March 2012.] (ee) retirement annuity fund into any retirement annuity fund; and
(ii) a lump sum bene t contemplated in paragraph 2 (1) (b) (iB), so much of the bene t as is paid or transferred for the bene t of the person from a—
[Words in subitem (ii) preceding subsubitem (aa) substituted by s. 99 (1) (b) of Act 22 of 2012 – date of commencement deemed to have been 1 March 2012; the substitution applies in respect of amounts due and payable on or after that date.]
(aa) pension fund into any pension fund, pension preservation fund or retirement annuity fund; or retirement annuity fund;
(bb) pension preservation fund into any pension fund, pension preservation fund or retirement annuity fund; [Subitem (bb) substituted by s. 92 (1) (d) of Act 24 of 2011 – date of commencement: 1 March 2012.]
(cc) provident fund into any pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund;
[Subitem (cc) substituted by s. 92 (1) (e) of Act 24 of 2011 – date of commencement: 1 March 2012.]
(dd) provident preservation fund into any pension preservation fund, provident fund, provident preservation
fund or retirement annuity fund; and
[Subitem (dd) substituted by s. 92 (1) (f) of Act 24 of 2011 – date of commencement: 1 March 2012.] (ee) retirement annuity fund into any retirement annuity fund; and
(b) in any other case, so much of the aggregate of—
(i) the person’s own contributions that did not rank for a deduction against the person’s income in terms of section
11 (k) to any pension funds, pension preservation funds, provident funds, provident preservation funds and
retirement annuity funds of which he or she is or previously was a member;
[Subitem (i) substituted (‘or (n)’ deleted) by s. 113 (1) (b) of Act 31 of 2013 – date of commencement: 1 March 2016 (‘1 March 2015’ replaced by ‘1 March 2016’ by s. 128 (1) of Act 43 of 2014); substituted item applies iro amounts received or accrued on or after that date.]
(ii) any amount transferred for the bene t of the person to any pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund as a result of an election made as contemplated in section 37D (4) (b) (ii) (cc) of the Pension Funds Act;
[Subitem (ii) substituted by s. 87 (a) of Taxation Laws Amendment Act, 2015 (‘, 1956 (Act 24 of 1956)’ deleted) – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
(iii) any amount that is deemed to have accrued to the person as contemplated in paragraph 2 (1) (b) (iB);
(iv) any amount, to the extent that that amount was paid or transferred to a pension preservation fund or provident preservation fund as an unclaimed bene t as de ned in section 1 of the Pension Funds Act, and was subject to
tax prior to that transfer or payment; and
[Subitem (iv) substituted by s. 87 (b) of Taxation Laws Amendment Act, 2015 (‘, 1956 (Act 24 of 1956)’ deleted) – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
(v) any other amounts in respect of which the formula in paragraph 2A applies, which have been paid into a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund for the person’s bene t by a public sector fund, less the amount represented by symbol A when applying that formula,
as has not been exempted in terms of section 10C or has not previously been allowed to the person as a deduction
in terms of this Schedule in determining any amount to be included in that person’s gross income.
[Words following on subitem (v) substituted by s. 99 (1) (d) of Act 22 of 2012 (as amended by s. 203 (1) of Act 31 of 2013) – date of commencement: 1 March 2014; the substitution applies in respect of amounts received or accrued on or after that date.]
[Item (b) amended by s. 84 (1) (b) of Act 7 of 2010 and substituted by s. 99 (1) (c) of Act 22 of 2012 – date of commencement deemed to have been 1 March 2012; the substitution applies in respect of amounts due and payable on or after that date.]
[Sub-para. (1) amended by s. 84 (1) (a) of Act 7 of 2010.]
316 SAIT CompendIum oF TAx LegISLATIon VoLume 1