Page 41 - SAIT Compendium 2016 Volume1

s 1 INCOME TAX ACT 58 OF 1962 s 1
‘low-cost residential unit’ means—
(a) an apartment qualifying as a residential unit in a
building located within the Republic, where—
(i) the cost of the apartment does not exceed
R350 000; and
[Sub-para. (i) substituted by s. 3 (1) (a) of Act 23 of 2013 – substitution deemed to have come into operation on 1 April 2013*.]
(ii) the owner of the apartment does not charge a monthly rental in respect of that apartment that exceeds one per cent of the cost; or
(b) a building qualifying as a residential unit located within the Republic, where—
(i) the cost of the building does not exceed R300 000; and
[Sub-para. (i) substituted by s. 3 (1) (b) of Act 23 of 2013 – substitution deemed to have come into operation on
1 April 2013*.]
(ii) the owner of the building does not charge a monthly rental in respect of that building that exceeds one per cent of the cost contemplated in subparagraph (i) plus a proportionate share of the cost of the land and the bulk infrastructure:
Provided that for the purposes of paragraphs (a) (ii) and (b) (ii), the cost is deemed to be increased by 10 per cent in each year succeeding the year in which the apartment or building is rst brought into use;
[De nition of ‘low-cost residential unit’ inserted by s. 4 (1) (j) of Act 60 of 2008.]
‘lump sum bene t’ means a retirement fund lump sum bene t or retirement fund lump sum withdrawal bene t; [De nition of ‘lump sum bene t’ inserted by s. 7 (1) (n) of
‘mining operations’ and ‘mining’ include every method or process by which any mineral is won from the soil or from any substance or constituent thereof; [De nition of ‘mining operations’ and ‘mining’ amended by
s. 4 (c) of Act 72 of 1963 and substituted by s. 3 (1) (i) of Act 20 of 2006.]
‘Minister’ means the Minister of Finance;
[De nition of ‘Minister’ inserted by s. 13 (1) (i) of Act 30 of
2000.]
‘municipality’ means a municipality which is within a category listed in section 155 (1) of the Constitution of the Republic of South Africa, 1996, and which is an organ of state within the local sphere of government exercising legislative and executive authority within an area determined in terms of the Local Government: Municipal Demarcation Act, 1998 (Act 27 of 1998);
[De nition of ‘municipality’ inserted by s. 3 (1) (j) of Act 20 of 2006.]
‘municipal value’ means an amount determined in terms of section 46 of the Local Government: Municipal Property Rates Act, 2004 (Act 6 of 2004);
[De nition of ‘municipal value’ inserted by s. 4 (1) (zA) of Act 31 of 2013 – date of commencement: 1 March 2014; the inserted de nition applies in respect of amounts paid or transferred during years of assessment commencing on or after that date.]
‘mutual building society’ . . .
[De nition of ‘mutual building society’ inserted by
s. 1 (1) (c) of Act 108 of 1986 and deleted by s. 2 (1) (q) of Act 3 of 2008.]
‘natural oil’ means any liquid or solid hydrocarbon or combustible gas existing in a natural condition in the earth’s crust, but does not include coal or bituminous shales or other strati ed deposits from which oil can be obtained by destructive distillation, or gas arising from marsh or other surface deposits;
[De nition of ‘natural oil’ inserted by s. 4 (d) of Act 72 of 1963.]
‘neighbouring country’ means Botswana, Lesotho, Namibia and Swaziland;
[De nition of ‘neighbouring country’ inserted by s. 2 (1) (a) of Act 85 of 1987 and substituted by s. 2 (e) of Act 141 of 1992 and by s. 2 (c) of Act 36 of 1996.]
‘new deep level gold mine’ . . .
[De nition of ‘new deep level gold mine’ deleted by s. 2 (c)
of Act 70 of 1989.]
‘new gold mine’ . . .
[De nition of ‘new gold mine’ amended by s. 4 (e) of
Act 72 of 1963 and deleted by s. 2 (c) of Act 70 of 1989.]
‘nominal value’ . . .
[De nition of ‘nominal value’ inserted by s. 4 (1) (k) of Act
85 of 1974 and deleted by s. 6 (1) (q) of Act 7 of 2010.] ‘normal retirement age’ means—
(a) in the case of a member of a pension fund or provident fund, the date on which the member becomes entitled to retire from employment for reasons other than sickness, accident, injury or incapacity through in rmity of mind or body;
Act 17 of 2009.]
[De nition of ‘married’ deleted by s. 5 (e) of Act 5 of 2001.]
‘married person’ . . .
[De nition of ‘married person’ substituted by s. 3 (h) of Act
90 of 1962, by s. 5 (b) of Act 88 of 1965, by s. 4 (1) (e) of Act 88 of 1971 and by s. 4 (1) (b) of Act 90 of 1972, amended by s. 2 (1) of Act 104 of 1980, by s. 1 of Act 30 of 1984, by
s. 2 (a) of Act 90 of 1988 and by s. 2 (a) of Act 70 of 1989 and deleted by s. 2 (b) of Act 21 of 1995.]
‘married woman’ . . .
[De nition of ‘married woman’ inserted by s. 2 (b) of
Act 70 of 1989, substituted by s. 5 (f) of Act 5 of 2001 and deleted by s. 2 (1) (p) of Act 3 of 2008.]
‘Medical Schemes Act’ means the Medical Schemes Act, 1998 (Act 131 of 1998);
[De nition of ‘Medical Schemes Act’ inserted by s. 4 (1) (z) of Act 31 of 2013 – date of commencement: 12 December 2013.]
‘Mineral and Petroleum Resources Development Act’ means the Mineral and Petroleum Resources Development Act, 2002 (Act 28 of 2002);
[De nition of ‘Mineral and Petroleum Resources Development Act’ inserted by s. 4 (1) (z) of Act 31 of 2013 – date of commencement: 12 December 2013.]
‘mining for gold’ or ‘to mine for gold’ includes mining for uranium or to mine for uranium;
‘married’ . . .
* The substitution applies—
(a) in the case of a unit contemplated in s. 13quat, in respect of any unit erected or extension, addition or improvement
to such unit, brought into use on or after that date;
(b) in the case of a unit contemplated in s. 13sex, in respect of any unit acquired on or after that date or any improvement
to such unit effected on or after that date; and
(c) in the case of a unit contemplated in s. 13sept or 36, in respect of any unit disposed of on or after that date.
[Note: The above-mentioned provisions (paras. (a), (b) and (c)) form part of s. 3 (2) of Act 23 of 2013, as amended by s. 139 (1) of Taxation Laws Amendment Act, 2015. The said s. 139 (1) is deemed to have come into operation, retrospectively, on 2 December 2013.]
SAIT CompendIum oF TAx LegISLATIon VoLume 1 33
INCOME TAX ACT – SECTIONS