Page 343 - SAIT Compendium 2016 Volume1

Fourth Schedule INCOME TAX ACT 58 OF 1962 Fourth Schedule
ESTIMATES OF TAXABLE INCOME TO BE MADE BY PROVISIONAL TAXPAYERS (para. 19)
19. (1) (a) Every provisional taxpayer (other than a company) shall, during every period within which provisional tax is or may be payable by that provisional taxpayer as provided in this Part, submit to the Commissioner (unless the Commissioner directs otherwise) a return of an estimate of the total taxable income which will be derived by the taxpayer in respect of the year of assessment in respect of which provisional tax is or may be payable by the taxpayer: Provided that such estimate will not include any retirement fund lump sum bene t, retirement fund lump sum withdrawal bene t or any severance bene t
received by or accrued to or to be received by or accrue to the taxpayer during the relevant year of assessment.
[Item (a) substituted by s. 54 (1) (a) of Act 31 of 2005, by s. 271 of Act 28 of 2011 (date of commencement: 1 October 2012), by s. 22 of Act 21 of 2012 (date of commencement: 20 December 2012) and by s. 16 (a) of Tax Administration Laws Amendment Act, 2015 – date of commencement: date of promulgation of Tax Administration Laws Amendment Act, 2015.]
(b) Every company which is a provisional taxpayer shall, during every period within which provisional tax is or may be payable by it as provided in this Part submit to the Commissioner (unless the Commissioner directs otherwise) a return of an estimate of the total taxable income which will be derived by the company in respect of the year of assessment in respect of which provisional tax is or may be payable by the company.
[Item (b) substituted by s. 49 (a) of Act 94 of 1983, by s. 271 of Act 28 of 2011 (date of commencement: 1 October 2012) and by s. 16 (a) of Tax Administration Laws Amendment Act, 2015 – date of commencement: date of promulgation of Tax Administration Laws Amendment Act, 2015.]
(c) The amount of any estimate so submitted by a provisional taxpayer (other than a company) during the period referred to in paragraph 21 (1) (a), or by a company (as a provisional taxpayer) during the period referred to in paragraph 23 (a), shall not be less than the basic amount applicable to the estimate in question, as contemplated in item (d), unless the circumstances of the case justify the submission of an estimate of a lower amount.
[Item (c) substituted by s. 49 (b) of Act 94 of 1983, by s. 271 of Act 28 of 2011 (date of commencement: 1 October 2012) and by s. 16 (a) of Tax Administration Laws Amendment Act, 2015 – date of commencement: date of promulgation of Tax Administration Laws Amendment Act, 2015.]
Prelex
Wording of items (a), (b) and (c) in force until the substitution thereof wef date of promulgation of Tax Administration Laws Amendment Act, 2015
19. (1) (a) Every provisional taxpayer (other than a company) shall, during every period within which provisional tax is or may be payable by that provisional taxpayer as provided in this Part, submit to the Commissioner (should the Commissioner so require) a return of an estimate of the total taxable income which will be derived by the taxpayer in respect of the year of assessment in respect of which provisional tax is or may be payable by the taxpayer: Provided that such estimate will not include any retirement fund lump sum bene t, retirement fund lump sum withdrawal bene t or any severance bene t received by or accrued to or to be received by or accrue to the taxpayer during the relevant year of assessment.
(b) Every company which is a provisional taxpayer shall, during every period within which provisional tax is or may be payable by it as provided in this Part submit to the Commissioner (should the Commissioner so require) a return of an estimate of the total taxable income which will be derived by the company in respect of the year of assessment in respect of which provisional tax is or may be payable by the company.
(c) The amount of any estimate so submitted by a provisional taxpayer (other than a company) during the period referred to in paragraph 21 (1) (a), or by a company (as a provisional taxpayer) during the period referred to in paragraph 23 (a), shall, unless the Commissioner, having regard to the circumstances of the case, agrees to accept an estimate of a lower amount, not be less than the basic amount applicable to the estimate in question, as contemplated in item (d).
(d) The basic amount applicable to any estimate submitted by a provisional taxpayer under this paragraph shall, for the purposes of this paragraph, be deemed to be—
(i) as respects an estimate submitted by a provisional taxpayer (other than a company) under item (a), the taxpayers’ taxable income, as assessed by the Commissioner, for the latest preceding year of assessment in relation to such estimate, less—
(aa) the amount of any taxable capital gain contemplated in section 26A;
[Subsubitem (aa) substituted by s. 9 (1) (a) of Act 44 of 2014 – substitution comes into operation for years of assessment commencing on or after 1 March 2015.]
(bb) the taxable portion of any retirement fund lump sum bene t, retirement fund lump sum withdrawal bene t or severance bene t (other than any amount contemplated in paragraph (eA) of the de nition of ‘gross income’ in section 1); and
[Subsubitem (bb) substituted by s. 9 (1) (a) of Act 44 of 2014 – substitution comes into operation for years of assessment commencing on or after 1 March 2015.]
(bbA) any amount (other than a severance bene t) contemplated in paragraph (d) of the de nition of ‘gross income’ in section 1,
[Subsubitem (bbA) added by s. 9 (1) (a) of Act 44 of 2014 – paragraph comes into operation for years of assessment commencing on or after 1 March 2015.]
included in the taxpayer’s taxable income for that year of assessment; (cc) . . .
[Subsubitem (cc) added by s. 46 (1) (c) of Act 3 of 2008 and deleted by s. 13 (1) (c) of Act 39 of 2013 – deletion deemed to have come into operation on 1 March 2012 and applies in respect of years of assessment commencing on or after that date.]
[Subitem (i) substituted by s. 37 of Act 5 of 2001 and by s. 54 (1) (b) of Act 31 of 2005 and amended by s. 9 (1) (a) of Act 44 of 2014 – amendment comes into operation for years of assessment commencing on or after 1 March 2015.]
SAIT CompendIum oF TAx LegISLATIon VoLume 1 335
INCOME TAX ACT – SCHEDULES