Page 42 - SAIT Compendium 2016 Volume1

s1
(b)
(c)
INCOME TAX ACT 58 OF 1962
s 1
in the case of a member of a retirement annuity fund, a pension preservation fund or a provident preservation fund, the date on which the member attains 55 years of age; or
in the case of a member of any fund contemplated in this de nition, the date on which that member becomes permanently incapable of carrying on his or her occupation due to sickness, accident, injury or incapacity through in rmity of mind or body;
Prelex
Wording of sub-paras. (i) and (ii) of para. (a) in force until 1 March 2016
(a)
(i) any pension, provident or dependants’ fund or pension scheme established by law;
(ii) any pension, provident or dependants’ fund or pension scheme established for the bene t of the employees of any municipality or of any local authority (as de ned in the de nition of ‘local authority’ in this section prior to the coming into operation of section 3 (1) (h) of the Revenue Laws Amendment Act, 2006 (Act 20 of 2006), that was established prior to the date that section so came into operation); or
[De nition of ‘normal retirement age’ inserted by s. 2 (1) (r) of Act 3 of 2008.]
‘normal tax’ means income tax referred to in section 5 (1);
[De nition of ‘normal tax’ inserted by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
‘of cer’ means, where used in the context of a person who is engaged by the Commissioner in carrying out the provisions of this Act, a SARS of cial as de ned in section 1 of the Tax Administration Act;
[De nition of ‘of cer’ inserted by s. 271 of Act 28 of 2011 –
date of commencement: 1 October 2012.]
‘other deep level gold mine’ . . .
[De nition of ‘other deep level gold mine’ substituted by
s. 2 (d) of Act 70 of 1989 and deleted by s. 2 (1) (s) of Act 3 of 2008.]
‘Patents Act’ means the Patents Act, 1978 (Act 57 of 1978);
[De nition of ‘Patents Act’ inserted by s. 4 (1) (zB) of Act 31 of 2013 – date of commencement: 12 December 2013.]
‘pension fund’ means—
(a) (i) any pension, provident or dependants’ fund or
pension scheme established by law, other than the Government Employees Pension Fund, as contemplated in the Government Employees Pension Law, 1996 (Proclamation 21 of 1996);
[Sub-para. (i) substituted by s. 7 (1) (o) of Act 17 of 2009 and by s. 3 (1) (k) of Taxation Laws Amendment Act, 2015 – date of commencement: 1 March 2016*; the substitution applies iro years of assessment commencing on or after that date.]
(ii) any pension or dependants’ fund or pension scheme established for the bene t of the employees of any municipality or of any local authority (as de ned in the de nition of ‘local authority’ in this section prior to the coming into operation of section 3 (1) (h) of the Revenue Laws Amendment Act, 2006 (Act 20 of 2006), that was established prior to the date that section so came into operation); or
[Sub-para. (ii) substituted by s. 3 (1) (k) of Act 20 of 2006, by s. 7 (1) (o) of Act 17 of 2009 and by s. 3 (1)
(l) of Taxation Laws Amendment Act, 2015 – date of commencement: 1 March 2016†; the substitution applies iro years of assessment commencing on or after that date.]
(iii) any fund contemplated in subparagraph (ii), which includes as members employees of any municipal entity created in accordance with the provisions of the Municipal Systems Act, 2000 (Act 32 of 2000), over which one or more municipalities or local authorities (as de ned in section 1 prior to the coming into operation of section 3 (1) (h) of the Revenue Laws Amendment Act, 2006, and that was established prior to the date that section so came into operation) exercise ownership control as contemplated by that Act, where such fund was established—
(aa) on or before 14 November 2000, and such employees were employees of a local authority (as de ned in section 1 prior to the coming into operation of section 3 (1) (h) of the Revenue Laws Amendment Act, 2006, and that was established prior to the date that section so came into operation) immediately prior to becoming employees of such municipal entity; or
[Item (aa) substituted by s. 3 (1) (m) of Act 20 of 2006.] (bb) after 14 November 2000, and such fund has been approved by the Commissioner sub- ject to such limitations, conditions and re- quirements as contemplated in paragraph (c);
[Sub-para. (iii) substituted by s. 6 (1) (m) of Act 74 of 2002 and amended by s. 3 (1) (l) of Act 20 of 2006.]
[Para. (a) substituted by s. 2 (c) of Act 21 of 1995 and by s. 3 (b) of Act 19 of 2001.]
(b) with effect from a date determined by the Commissioner in relation to any fund hereinafter referred to (not being a date earlier than 4 December 1981), any pension fund established for the bene t of employees of a control board as de ned in section 1 of the Marketing of Agricultural Products Act, 1996 (Act 47 of 1996), or for the bene t of employees of the Development Bank of Southern Africa, if the rules of such fund are in all material respects identical to those of the Government Employees’ Pension Fund; or
[Para. (b) substituted by s. 2 (1) (c) of Act 96 of 1985, by s.2(1)(j)ofAct28of1997andbys.3(1)(m)ofTaxationLaws
* Subsections (7) and (8) of section 3 of the Taxation Laws Amendment Act, 2015, read:
‘(7) Subject to subsection (8) paragraphs (k), (l), (o), (p), (q), (r), (t), (u), (v), (w), (x), (y), (z) and (zC) of
subsection (1) come into operation on 1 March 2016 and apply in respect of years of assessment commencing on or after that date.
(8) (a) The Minister shall, after consulting relevant stakeholders, review the impact and implementation of paragraphs (k), (l), (o), (p), (q), (r), (t), (u), (v), (w), (x), (y), (z) and (zC) of subsection (1).
(b) The Minister shall table a report on the review contemplated in paragraph (a) in the National Assembly not later than 30 June 2018.’
(Own emphasis)
† See footnote in annotation to para. (a) (i) of de nition of ‘pension fund’.
34 SAIT CompendIum oF TAx LegISLATIon VoLume 1