Page 407 - SAIT Compendium 2016 Volume1

Eighth Schedule INCOME TAX ACT 58 OF 1962 Eighth Schedule
(3) Any capital gain or capital loss in respect of a disposal by a portfolio of a collective investment scheme, other than a portfolio of a collective investment scheme in property, must be disregarded.
[Sub-para. (3) added by s. 120 (1) of Act 22 of 2012 and substituted by s. 141 (1) (c) of Act 31 of 2013 – date of commencement: 1 April 2014; the substitution applies iro disposals made on or after that date.]
62 Donations and bequests to public bene t organisations and exempt persons
A person must disregard a capital gain or capital loss determined in respect of the donation or bequest of an asset by that person to—
(a) the government of the Republic in the national, provincial or local sphere, as contemplated in section 10 (1) (a); and
[Sub-para. (a) substituted by s. 107 (a) of Act 7 of 2010.]
(b) a public bene t organisation contemplated in paragraph (a) of the de nition of ‘public bene t organisation’ in
section 30 (1) that has been approved by the Commissioner in terms of section 30 (3);
[Sub-para. (b) substituted by s. 52 (a) of Act 20 of 2006.]
(c) a person contemplated in section 10 (1) (cA) or (d) (iv);
[Sub-para. (c) substituted by s. 142 of Act 31 of 2013 – date of commencement: 12 December 2013.]
(d) a person referred to in section 10 (1) (cE) or (e); or
[Sub-para. (d) substituted by s. 107 (b) of Act 7 of 2010.]
(e) a recreational club which is a company, society or other organisation as contemplated in the de nition of ‘recreational
club’ in section 30A (1) that has been approved by the Commissioner in terms of section 30A.
[Sub-para. (e) added by s. 52 (c) of Act 20 of 2006.] [Para. 62 substituted by s. 103 (1) of Act 45 of 2003.]
63 Exempt persons
A person must disregard any capital gain or capital loss in respect of the disposal of an asset where any amount constituting gross income of whatever nature would be exempt from tax in terms of section 10 were it to be received by or to accrue to that person.
[Para. 63 substituted by s. 91 of Act 74 of 2002 and by s. 104 of Act 45 of 2003.]
63A Public bene t organisations
A public bene t organisation approved by the Commissioner in terms of section 30 (3) must disregard any capital gain or capital loss determined in respect of the disposal of an asset if—
(a) that public bene t organisation did not use that asset on or after valuation date in carrying on any business
(b)
63B
undertaking or trading activity; or
substantially the whole of the use of that asset by that public bene t organisation on and after valuation date was directed at—
(i) a purpose other than carrying on a business undertaking or trading activity; or
(ii) carrying on a business undertaking or trading activity contemplated in section 10 (1) (cN) (ii) (aa), (bb) or (cc).
[Sub-para. (b) amended by s. 64 (1) (b) of Act 8 of 2007.] [Para. 63A inserted by s. 53 of Act 20 of 2006.]
Small business funding entities
(1) A small business funding entity approved by the Commissioner in terms of section 30C must disregard any capital gain or capital loss determined in respect of the disposal of an asset if—
(a) that small business funding entity did not use that asset in carrying on any business undertaking or trading activity;
or
(b) substantially the whole of the use of that asset by that small business funding entity was directed at—
(i) a purpose other than carrying on a business undertaking or trading activity; or
(ii) carrying on a business undertaking or trading activity contemplated in section 10 (1) (cQ) (ii) (aa), (bb)
or (cc).
[Para. 63B inserted by s. 90 (1) of Act 43 of 2014 – date of commencement: 1 March 2015.]
64 Asset used to produce exempt income
A person must disregard any capital gain or capital loss in respect of the disposal of an asset which is used by that person solely to produce amounts which are exempt from normal tax in terms of—
(a) section 10, other than receipts and accruals contemplated in paragraphs (cN), (cO), (i) and (k) of subsection (1)
thereof; or
[Sub-para. (a) substituted by s. 143 (1) (a) of Act 31 of 2013 (date of commencement: 12 December 2013) and by
s. 143 (1) (b) of Act 31 of 2013 – date of commencement: 1 March 2014; the substitution applies iro years of assessment commencing on or after that date.]
(b) section 12K.
[Para. 64 substituted by s. 78 (1) of Act 31 of 2005, by s. 54 of Act 20 of 2006 and by s. 76 (1) of Act 17 of 2009.]
64A Awards in terms of the Restitution of Land Rights Act
[Heading of para. 64A substituted by s. 121 (1) (a) of Act 22 of 2012 – date of commencement: 1 January 2013; this substitution applies iro years of assessment commencing on or after that date.]
A person must disregard any capital gain or capital loss in respect of the disposal that resulted in that person receiving—
SAIT CompendIum oF TAx LegISLATIon VoLume 1 399
INCOME TAX ACT – SCHEDULES