Page 50 - SAIT Compendium 2016 Volume1

s 1 INCOME TAX ACT 58 OF 1962 s 1
(iii) any fund return, as de ned in the Pension Funds Act, in relation to the contributions contemplated in subparagraph (i) or amounts credited contemplated in subparagraph (ii),
reduced by any amounts permitted in terms of any law to be deducted from the member’s individual account of the provident fund:
[Para. (e)* of the proviso added by s. 3 (1) (z) of Taxation Laws Amendment Act, 2015 – date of commencement: 1 March 2016†; the paragraph applies iro years of assessment commencing on or after that date.]
Provided further that—
(i) the rules of the provident fund that is doing the
business of a preservation fund as prescribed by the Commissioner from time to time must be submitted to the Commissioner for approval in terms of the provisions of this de nition before 30 September 2010; and
(ii) the rules of a provident fund contemplated in paragraph (i) that are submitted before 30 September 2010 are deemed to have been approved under this de nition with effect from the date that the rules are submitted until the date that the Commissioner noti es the fund of its status under this de nition;
[De nition of ‘provident preservation fund’ inserted by s. 2 (1) (w) of Act 3 of 2008 and amended by s. 4 (1) (v) of Act 60 of 2008, by s. 6 (1) (zC) of Act 7 of 2010 and by s. 7 (1) (zG) of Act 24 of 2011.]
‘Public Finance Management Act’ means the Public Finance Management Act, 1999 (Act 1 of 1999); [De nition of ‘Public Finance Management Act’ inserted by
s. 4 (1) (zW) of Act 31 of 2013 – date of commencement: 12 December 2013.]
‘Public Private Partnership’ means a Public Private Partnership as de ned in—
(a) Regulation 16 of the Treasury Regulations issued in
terms of section 76 of the Public Finance Management
Act; or
(b) the Municipal Public-Private Partnership Regulations
made in terms of section 168 of the Local Government: Municipal Finance Management Act, 2003 (Act 56 of 2003);
[De nition of ‘Public Private Partnership’ inserted by s. 3 (1) (c) of Act 32 of 2004 and substituted by s. 4 (1) (zX) of Act 31 of 2013 and by s. 1 (1) (n) of Act 43 of 2014 – date of commencement: 20 January 2015.]
‘qualifying investor’ means a member of a partnership or foreign partnership or a bene ciary of a trust if the liability of the member or bene ciary to any creditor of the partnership, trust or foreign partnership is limited to the amount that the member or bene ciary has contributed or undertaken to contribute to the partnership, trust or foreign partnership, unless that member or bene ciary—
(a) participates in the effective management of the trade or business of the partnership, trust or foreign partnership;
(b) has the authority to act on behalf of—
(i) the partnership or foreign partnership;
(ii) the members of the partnership or foreign partnership; or
(iii) the trust; or
(c) renders any services to or on behalf of the partnership, trust or foreign partnership;
[De nition of ‘qualifying investor’ inserted by s. 6 (1) (zD) of Act 7 of 2010.]
‘qualifying statutory rate’ . . .
[De nition of ‘qualifying statutory rate’ inserted by s. 6 (1) (o) of Act 74 of 2002 and deleted by s. 12 (1) (h) of Act 45
of 2003.]
‘regional electricity distributor’ . . .
[De nition of ‘regional electricity distributor’ inserted by s. 3 (1) (n) of Act 20 of 2006, amended by s. 4 (1) (zY) of
Act 31 of 2013 and deleted by s. 1 (1) (o) of Act 43 of 2014 – date of commencement: 20 January 2015.]
‘regulation’ means a regulation in force under this Act;
‘REIT’ means a company—
(a) that is a resident; and
(b) the shares of which are listed—
(i) on an exchange (as de ned in section 1 of the Financial Markets Act and licensed under section 9 of that Act); and
[Sub-para. (i) substituted by s. 4 (1) (zZ) of Act 31 of 2013 – substitution deemed to have come into operation on
3 June 2013.]
(ii) as shares in a REIT as de ned in the JSE Limited Listings Requirements;
[De nition of ‘REIT’ inserted by s. 2 (1) (v) of Act 22 of 2012 – date of commencement: 1 April 2013; this de nition applies in respect of years of assessment commencing on or after that date.]
‘relative’ in relation to any person, means the spouse of such person or anybody related to him or his spouse within the third degree of consanguinity, or any spouse of anybody so related, and for the purpose of determining the relationship between any child referred to in the de nition of ‘child’ in this section and any other person, such child shall be deemed to be related to its adoptive parent within the rst degree of consanguinity;
[De nition of ‘relative’ inserted by s. 4 (c) of Act 90 of 1964.]
‘remuneration proxy’, in relation to a year of assessment, means the remuneration, as de ned in paragraph 1 of the Fourth Schedule, derived by an employee from an employer during the year of assessment immediately preceding that year of assessment, other than the cash equivalent of the value of a taxable bene t derived from the occupation of residential accommodation as contemplated in paragraph 9 (3) of the Seventh Schedule: Provided that—
[Words in de nition of ‘remuneration proxy’ preceding the proviso substituted by s. 4 (1) (zA) of Taxation Laws Amendment Act, 2015 – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
Prelex
Wording of the de nition of ‘remuneration proxy’ preceding the proviso in force until date of promulgation of Taxation Laws Amendment Act, 2015
‘remuneration proxy’, in relation to a year of assessment, means the remuneration, as de ned in paragraph 1 of the Fourth Schedule, derived by an employee from an employer during the year of assessment immediately preceding that year of assessment:
* Para. (e) was originally added by s. 4 (1) (zV) of Act 31 of 2013 (as substituted by s. 119 (1) (c) of Act 43 of
2014), a provision that was to have come into operation on 1 March 2016 (‘2015’ replaced by ‘2016’ by s. 119 (1) (d) of Act 43 of 2014)). The said para. (zV) of (s. 4 (1)) and s. 119 have, however, been repealed by ss. 143 (1) (a) and 155 (1), respectively, of Taxation Laws Amendment Act, 2015. See also, note on p. 35 of the 2015 Compendium.]
† See footnote in annotation to para. (a) (i) of de nition of ‘pension fund’.
42 SAIT CompendIum oF TAx LegISLATIon VoLume 1