Page 354 - SAIT Compendium 2016 Volume1

Sixth Schedule INCOME TAX ACT 58 OF 1962 Sixth Schedule
(c) pay an amount equal to the amount of tax so calculated less the amount paid in terms of subparagraph (1).
(4A) For the purposes of paragraph 2 (1) of the Fourth Schedule, section 89bis (2), section 6 of the Skills Development Levies Act, 1999 (Act 9 of 1999), and section 8 of the Unemployment Insurance Contributions Act, 2002 (Act 4 of 2002), a registered micro business may elect to pay the amounts deducted or withheld in terms of that paragraph or those
sections to the Commissioner—
(i) with regard to amounts deducted or withheld during the rst six calendar months from the rst day of the year of
assessment, within seven days after the end of such period; and
(ii) with regard to amounts deducted or withheld within the next six calendar months following the period in item (i),
within seven days after the end of such period.
[Sub-para. (4A) inserted by s. 26 (1) (a) of Act 21 of 2012 – date of commencement: 1 March 2014 (the inserted
subparagraph would have applied in respect of years of assessment commencing on or after that date) and substituted by s. 15 (1) (a) of Act 39 of 2013 – date of commencement: also 1 March 2014; the substituted subparagraph applies in respect of tax periods commencing on or after that date.]
(4B) If a registered micro business has made an election in terms of subparagraph (4A), the election must apply to all amounts deducted or withheld in terms of the applicable provisions referred to in that subparagraph.
[Sub-para. (4B) inserted by s. 15 (1) (a) of Act 39 of 2013 – date of commencement: 1 March 2014; the subparagraph applies in respect of tax periods commencing on or after that date.]
(5) Where full payment of the amount described in subparagraph (4) (c) is not received by the Commissioner by the last day of the year of assessment, interest at the prescribed rate is payable from the day following the last day of the year of assessment to the earlier of the date on which the shortfall is received and the due date of the assessment for that year of assessment.
(6) Where the estimate described in subparagraph (4) (a) is less than 80 per cent of the taxable turnover for the year of assessment, a penalty, which is deemed to be a percentage based penalty imposed under Chapter 15 of the Tax Administration Act, equal to 20 per cent of the difference between the tax payable on 80 per cent of the taxable turnover for the year of assessment and the tax payable on that estimate must be charged.
[Sub-para. (6) substituted by s. 271 of Act 28 of 2011 and by s. 26 (1) (b) of Act 21 of 2012 – date of commencement: 20 December 2012*.]
(7) Where the Commissioner is satis ed that the estimate described in subparagraph (4) (a) was not deliberately or negligently understated and was seriously made based on the information available, or is partly so satis ed, the Commissioner must waive the penalty charged in terms of subparagraph (6) in full or in part.
[Sub-para. (7) substituted by s. 26 (1) (c) of Act 21 of 2012 – date of commencement: 20 December 2012*.]
(8) Where the Commissioner has issued an assessment in respect of the payment required in terms of subparagraph
(4), a penalty must not be imposed in terms of subparagraph (6).
[Sub-para. (8) substituted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.] 12 . . .
[S. 12 repealed by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.] PART VI
MISCELLANEOUS (paras. 13–15)
13 Amounts received by a connected person may be included in qualifying turnover
The total amount received from carrying on business activities by a connected person in relation to a person described in paragraph 2 (1) (a) or (b) must be included in the qualifying turnover of that person for purposes of applying paragraph 2, where—
[Words preceding item (a) substituted by s. 92 of Taxation Laws Amendment Act, 2015 – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
(a) the connected person carries on business activities that should properly be regarded as forming part of the business activities carried on by that person; and
(b) the main reason or one of the main reasons for the connected person carrying on business activities in the way that the connected person does is to ensure that the qualifying turnover of that person does not exceed the amount as described in that paragraph.
14 Record keeping
Notwithstanding the provisions of Part A of Chapter 4 of the Tax Administration Act, a registered micro business must only retain a record of—
[Words preceding sub-para. (a) substituted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
* There was a discrepancy between the English and Afrikaans texts of Act 21 of 2012 iro the date of commencement of the various paragraphs of s. 26 (1) of that Act. In terms of the English text, paras. (b) and (c) were to have come into operation on 1 March 2014, like para. (a), whereas the Afrikaans text only referred to the coming into operation of para. (a), without giving any guidance as to the coming into operation of paras. (b) and (c). However, the English text of s. 26 (2) has been amended by s. 67 of Act 44 of 2014 to bring it into line with the Afrikaans text.
346 SAIT CompendIum oF TAx LegISLATIon VoLume 1
Prelex
The words preceding item (a) in para. 13 in force until their substitution wef date of promulgation of Taxation Laws Amendment Act, 2015
The total amount received from carrying on business activities by a connected person in relation to a person described in paragraph 2 (1) (a) or (b) must be included in the qualifying turnover of that person for purposes of applying paragraph 2, where the Commissioner is satis ed that—