Page 352 - SAIT Compendium 2016 Volume1

Sixth Schedule INCOME TAX ACT 58 OF 1962 Sixth Schedule
(h) . . .
[Sub-para. (h) added by s. 86 (1) (h) of Act 7 of 2010 and deleted by s. 97 (1) (d) of Act 24 of 2011 – this deletion comes
into operation as from the commencement of years of assessment commencing on or after 1 March 2012.]
4 Permissible shares and interests
The disquali cation in terms of paragraph 3 (a) or 3 (f) (iii) does not apply to a share or interest—
(a) in a company as described in paragraph (a) of the de nition of a ‘listed company’;
(b) in a portfolio in a collective investment scheme as described in paragraph (e) of the de nition of a company;
(c) in a company as described in section 10 (1) (e);
(d) in a venture capital company as de ned in section 12J;
(e) that constitutes less than 5 per cent of the interest in a social or consumer co-operative or a co-operative burial society
as de ned in section 1 of the Co-operatives Act, 2005 (Act 14 of 2005), or any other similar co-operative if all of the
income derived from the trade of that co-operative during any year of assessment is solely derived from its members; (f) that constitutes less than 5 per cent of the interest in a primary savings co-operative bank or a primary savings and loans co-operative bank as de ned in the Co-operative Banks Act, 2007 (Act 40 of 2007), that may provide,
participate in or undertake only banking services as described in section 14 (2) (a) or (b) of that Act; or (g) in any friendly society as de ned in section 1 of the Friendly Societies Act, 1956 (Act 25 of 1956).
PART III
TAXABLE TURNOVER (paras. 5–7)
5 Taxable turnover
The taxable turnover of a registered micro business in relation to any year of assessment consists of all amounts not of a capital nature received by that registered micro business during that year of assessment from carrying on business activities in the Republic, including amounts described in paragraph 6 and excluding amounts described in paragraph 7, less any amounts refunded to any person by that registered micro business in respect of goods or services supplied by that registered micro business to that person during that year of assessment or any previous year of assessment.
[Para. 5 substituted by s. 87 (1) of Act 7 of 2010.]
6 Inclusions in taxable turnover
The taxable turnover of a registered micro business includes—
(a) 50 per cent of all receipts of a capital nature from the disposal of—
(i) immovable property mainly used for business purposes, other than trading stock; and
[Item (i) substituted by s. 88 (1) (a) of Act 7 of 2010.]
(ii) any other asset used mainly for business purposes, other than any nancial instrument; and
[Item (ii) substituted by s. 88 (1) (a) of Act 7 of 2010.]
(b) in the case of a company, investment income (other than dividends and foreign dividends).
(c) . . .
[Sub-para. (b) substituted by s. 98 (1) of Act 24 of 2011– date of commencement: 1 April 2012.] [Sub-para. (c) deleted by s. 88 (1) (c) of Act 7 of 2010.]
7 Exclusions from taxable turnover
The taxable turnover of a registered micro business does not include—
(a) in the case of a natural person, investment income;
[Sub-para. (a) substituted by s. 89 (1) (a) of Act 7 of 2010.]
(b) any amount exempt from normal tax in terms of section 12P;
[Sub-para. (b) substituted by s. 115 (1) of Act 31 of 2013 – substitution deemed to have come into operation on 1 January
2013 and applies in respect of years of assessment commencing on or after that date.]
(c) any amount received by that registered micro business where that amount accrued to it prior to its registration as a
micro business and that amount accrued was subject to tax in terms of this Act; and
(d) any amount received by that registered micro business from any person by way of a refund in respect of goods or
services supplied by that person to that registered micro business.
8 Registration
[Sub-para. (d) added by s. 89 (1) (c) of Act 7 of 2010.] PART IV
REGISTRATION (paras. 8–10)
(1) A person that meets the requirements set out in Part II may elect to be registered as a micro business—
(a) before the beginning of a year of assessment or such later date during that year of assessment as the Commissioner
may prescribe by notice in the Gazette; or
(b) in the case of a person that commenced business activities during a year of assessment, within two months from the
date of commencement of business activities.
(2) A person that elected to be registered in terms of subparagraph (1) must be registered by the Commissioner with
effect from the beginning of that year of assessment.
(3) A person that is deregistered in terms of paragraph 9 or 10 may not again be registered as a micro business.
[Sub-para. (3) substituted by s. 99 (1) of Act 24 of 2011; the substitution applies iro years of assessment commencing on or after 1 March 2012.]
344 SAIT CompendIum oF TAx LegISLATIon VoLume 1