Page 433 - SAIT Compendium 2016 Volume1

List of de nitions INCOME TAX ACT 58 OF 1962 List of de nitions
Section 28:
premium
Short-term Insurance Act short-term insurance business short-term insurer
short-term policy
Section 29A:
adjusted IFRS value business
insurer
market value negative liability owner
phasing-in amount policy policyholder fund risk policy
risk policy fund value of liabilities
Section 29B:
Category III Financial Services Provider market value
realisation year
Section 30:
public bene t activity public bene t organisation
Section 30A:
recreational club
Section 30B:
entity
member
mutual loan association
Section 31:
affected transaction connected person nancial assistance
Section 35A:
conveyancer
estate agent
foreign currency immovable property
Section 36:
capital expenditure
capital expenditure incurred expenditure
expenditure on shaft sinking
Section 37:
mining property
Section 37B:
environmental treatment and recycling asset environmental waste disposal asset
Section 41:
allowance asset asset
base cost capital asset
company
date of acquisition disposal
equity share
group of companies hold (and ‘held’) listed company market value qualifying interest trading stock unlisted company
Section 42:
asset-for-share transaction qualifying interest
Section 43:
equity share
substitutive share-for-share transaction
Section 44:
amalgamated company amalgamation transaction resultant company
Section 45:
holding company intra-group transaction
Section 46:
disquali ed person expenditure
market value unbundling company unbundling transaction unbundled shares
Section 47:
holding company liquidation distribution liquidating company
Section 47A:
entertainer or sportsperson speci ed activity
Sections 49A–49D:
foreign person royalty
Section 50A:
bank
Development Bank of Southern Africa foreign person
Industrial Development Corporation interest
listed debt
Sections 51A–51H:
foreign person service fees
Section 55:
donation
donee
fair market value property
SAIT CompendIum oF TAx LegISLATIon VoLume 1 425
INCOME TAX ACT – DEFINITIONS