Page 350 - SAIT Compendium 2016 Volume1

Fourth Schedule INCOME TAX ACT 58 OF 1962 Sixth Schedule
31. . . .
[Para. 31 substituted by s. 21 of Act 61 of 2008 and repealed by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
32. . . .
[Para. 32 amended by s. 28 of Act 72 of 1963 and repealed by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
[Headings following para. 32 deleted by s. 39 of Act 36 of 1996.]
33. . . .
[Para. 33 amended by s. 29 of Act 72 of 1963, by s. 30 of Act 55 of 1966 and by s. 31 of Act 95 of 1967 and deleted by s. 49 of Act 88 of 1971.]
[Heading deleted by s. 39 of Act 36 of 1996.]
34. . . .
[Para. 34 added by s. 30 of Act 72 of 1963, amended by s. 32 of Act 95 of 1967 and deleted by s. 49 of Act 89 of 1969.]
Fifth Schedule
[Fifth Schedule added by s. 26 (1) of Act 52 of 1970, amended by ss. 50 and 51 (1) of Act 88 of 1971, by ss. 24 (1) (a), 25 (1), 26 (1) and 27 (1) of Act 90 of 1972, by ss. 58, 59 (1), 60, 61 and 62 of Act 85 of 1974, by ss. 34, s. 35 (1) (a), (b) and (c) of Act 103 of 1976, by s. 18 (1) of Act 101 of 1978, by s. 31 (1) of Act 104 of 1980, by ss. 31 and 32 of Act 91 of 1982, by ss. 56 and 57 of Act 94 of 1983, by ss. 46 and 47 of Act 97 of 1986, by s. 58 of Act 59 of 2000 and repealed by s. 58 of Act 8 of 2007.]
Sixth Schedule
DETERMINATION OF TURNOVER TAX PAYABLE BY MICRO BUSINESSES
(Part IV of Chapter II)
[Sixth Schedule added by s. 28 (1) of Act 90 of 1972, repealed by s. 51 (1) of Act 113 of 1993 and inserted by s. 71 (1) of Act 60 of 2008.]
Part I: Interpretation
Part II: Application of Schedule Part III: Taxable turnover
Part IV: Registration
Part V: Administration
Part VI: Miscellaneous
1 De nitions
PART I INTERPRETATION (para. 1)
In this Schedule, unless the context indicates otherwise, any meaning ascribed to a word or expression in this Act must bear the meaning so ascribed and—
‘investment income’ means—
(i) any income in the form of annuities, dividends, interest, rental derived in respect of immovable property, royalties,
or income of a similar nature; and
(ii) any proceeds derived from the disposal of nancial instruments;
[De nition of ‘investment income’ inserted by s. 85 (1) (a) of Act 7 of 2010.]
‘micro business’ means a person that meets the requirements set out in Part II of this Schedule;
‘professional service’ means a service in the eld of accounting, actuarial science, architecture, auctioneering, auditing,
broadcasting, consulting, draftsmanship, education, engineering, nancial service broking, health, information technology, journalism, law, management, real estate broking, research, sport, surveying, translation, valuation or veterinary science;
[De nition of ‘professional service’ substituted by s. 85 (1) (b) of Act 7 of 2010.] ‘qualifying turnover’ means the total receipts from carrying on business activities, excluding any—
(a) amount of a capital nature; and
(b) amount exempt from normal tax in terms of section 12P;
[Para. (b) of the de nition substituted by s. 88 of Taxation Laws Amendment Act, 2015 – date of commencement: date of
promulgation of Taxation Laws Amendment Act, 2015.]
‘registered micro business’ means a micro business that is registered in terms of paragraph 8; ‘taxable turnover’ means the amount determined in terms of paragraph 5 of this Schedule.
PART II
APPLICATION OF SCHEDULE (paras. 2–4)
2 Persons that qualify as micro businesses
(1) A person quali es as a micro business if that person is a—
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Wording of para. (b) of de nition in force until its substitution wef date of promulgation of Taxation Laws Amendment Act, 2015
(b) amount exempt from normal tax in terms of section 10 (1) (y), 10 (1) (zA), 10 (1) (zG), and 10 (1) (zH);