Page 55 - SAIT Compendium 2016 Volume1

s 1 INCOME TAX ACT 58 OF 1962 s 1
‘retirement fund lump sum withdrawal bene t’
means an amount determined in terms of paragraph 2 (1) (b) of the Second Schedule;
[De nition of ‘retirement fund lump sum withdrawal bene t’ inserted by s. 2 (1) (zF) of Act 3 of 2008 and substituted by s. 7 (1) (zF) of Act 17 of 2009.]
‘retirement interest’ means a member’s share of the value of a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund as determined in terms of the rules of the fund on the date on which he or she elects to retire;
[De nition of ‘retirement interest’ inserted by s. 2 (1) (zF) of Act 3 of 2008 and substituted by s. 1 (1) (q) of Act 43 of 2014 – date of commencement: 1 March 2015.]
‘return’ means a return as de ned in section 1 of the Tax Administration Act;
[De nition of ‘return’ inserted by s. 271 of Act 28 of 2011 –
date of commencement: 1 October 2012.]
‘return of capital’ means any amount transferred by a company that is a resident for the bene t or on behalf of any person in respect of any share in that company to the extent that that transfer results in a reduction of contributed tax capital of the company, whether that amount is transferred—
(a) by way of a distribution made by; or
(b) as consideration for the acquisition of any share in, that company, but does not include any amount so transferred to the extent that the amount so transferred constitutes—
(i) shares in the company; or
(ii) an acquisition by the company of its own securities by
way of a general repurchase of securities as contemplated in subparagraph (b) of paragraph 5.67 (B) of section 5 of the JSE Limited Listings Requirements, where that acquisition complies with any applicable requirements prescribed by paragraphs 5.68 and 5.72 to 5.84 of section 5 of the JSE Limited Listings Requirements;
[De nition of ‘return of capital’ inserted by s. 7 (1) (zJ) of Act 24 of 2011 – date of commencement deemed to have been 1 January 2011.]
‘scienti c research’ . . .
[De nition of ‘scienti c research’ deleted by s. 12 (1) (m) of
or employment due to sickness, accident, injury or
incapacity through in rmity of mind or body; or (c) such termination or loss is due to—
(i) the person’s employer having ceased to carry on or intending to cease carrying on the trade in respect of which the person was employed or appointed; or
(ii)the person having become redundant in consequence of a general reduction in personnel or a reduction in personnel of a particular class by the person’s employer,
unless, where the person’s employer is a company, the person at any time held more than ve per cent of the issued shares or members’ interest in the company:
[Words in de nition of ‘severance bene t’ following para. (c) (ii) substituted by s. 7 (1) (zL) of Act 24 of 2011 – date of commencement: 1 April 2012.]
Provided that any such amount which becomes payable in consequence of or following upon the death of a person must be deemed to be an amount which accrued to such person immediately prior to his or her death;
[De nition of ‘severance bene t’ inserted by s. 6 (1) (zF) of Act 7 of 2010 and amended by s. 7 (1) (zK), (zL) and (zM) of Act 24 of 2011.]
‘share’ means, in relation to any company, any unit into which the proprietary interest in that company is divided;
[De nition of ‘share’ inserted by s. 7 (1) (zN) of Act 24 of 2011 and substituted by s. 2 (1) (z) of Act 22 of 2012 – date of commencement: 1 January 2013.]
‘Share Blocks Control Act’ means the Share Blocks Control Act, 1980 (Act 59 of 1980);
[De nition of ‘Share Blocks Control Act’ inserted by s. 1 (1) (r) of Act 43 of 2014 – 20 January 2015.]
‘shareholder’ . . .
[De nition of ‘shareholder’ substituted by s. 3 (j) of Act 90
of 1962, amended by s. 2 (1) (j) of Act 121 of 1984, by
s. 12 (1) (o) of Act 45 of 2003, by s. 3 (1) (r) of Act 20 of 2006, by s. 3 (1) (k) of Act 8 of 2007 and by s. 6 (1) (zG) of Act 7 of 2010 and deleted by s. 7 (1) (zO) of Act 24 of 2011 – date of commencement: 1 April 2012.]
‘Short-term Insurance Act’ means the Short-term Insurance Act, 1998 (Act 53 of 1998);
[De nition of ‘Short-term Insurance Act’ inserted by s. 4 (1) (zZf) of Act 31 of 2013 – date of commencement: 12 December 2013.]
‘small business funding entity’ means any entity, approved by the Commissioner in terms of section 30C; [De nition of ‘small business funding entity’ inserted by
s. 1 (1) (s) of Act 43 of 2014 – date of commencement: 1 March 2015.]
Act 45 of 2003.]
[De nition of ‘Secretary’ inserted by s. 4 (e) of Act 90 of 1964
and deleted by s. 2 (1) (e) of Act 104 of 1980.] ‘securities lending arrangement’ means a ‘lending arrangement’ as de ned in the Securities Transfer Tax Act,
2007 (Act 25 of 2007);
[De nition of ‘securities lending arrangement’ inserted by s. 12 (1) (n) of Act 45 of 2003 and substituted by s. 4 (1) (z) of Act 60 of 2008.]
‘severance bene t’ means any amount (other than a lump sum bene t or an amount contemplated in paragraph (d) (ii) or (iii) of the de nition of ‘gross income’) received by or accrued to a person by way of a lump sum from or by arrangement with the person’s employer or an associated institution in relation to that employer in respect of the relinquishment, termination, loss, repudiation, cancellation or variation of the person’s of ce or employment or of the person’s appointment (or right or claim to be appointed) to any of ce or employment, if—
[Words in de nition of ‘severance bene t’ preceding para. (a) substituted by s. 7 (1) (zK) of Act 24 of 2011 – date of commencement: 1 March 2012. This substitution applies in respect of receipts and accruals on or after that date.]
(a) such person has attained the age of 55 years;
(b) such relinquishment, termination, loss, repudiation, cancellation or variation is due to the person becoming permanently incapable of holding the person’s of ce
‘Secretary’ . . .
(a)
‘small, medium or micro-sized enterprise’ means any— person that quali es as a micro business as de ned in paragraph 1 of the Sixth Schedule; or
(b) any person that is a small business corporation as de ned in section 12E (4);
[De nition of ‘small, medium or micro-sized enterprise’ inserted by s. 1 (1) (s) of Act 43 of 2014 – date of commencement: 1 March 2015.]
‘South African company’ . . .
[De nition of ‘South African company’ inserted by s. 4 (1) (w) of Act 85 of 1974, substituted by s. 4 (b) of Act 103 of
1976, by s. 2 (1) (d) of Act 96 of 1985 and by s. 2 (d) of Act 36 of 1996 and deleted by s. 2 (i) of Act 59 of 2000.]
‘South African Reserve Bank’ means the central bank of the Republic regulated in terms of the South African Reserve Bank Act, 1989 (Act 90 of 1989);
[De nition of ‘South African Reserve Bank’ inserted by s. 4 (1) (zZg) of Act 31 of 2013 – date of commencement: 12 December 2013.]
SAIT CompendIum oF TAx LegISLATIon VoLume 1
47
INCOME TAX ACT – SECTIONS