Page 56 - SAIT Compendium 2016 Volume1

s 1 INCOME TAX ACT 58 OF 1962 s 1
‘South African Revenue Service’ means the South African Revenue Service established by section 2 of the South African Revenue Service Act, 1997;
[De nition of ‘South African Revenue Service’ inserted by s. 34 (1) of Act 34 of 1997 and substituted by s. 3 (1) (k) of Act 32 of 2005.]
‘special trust’ means a trust created—
(a) solely for the bene t of one or more persons who is or
are persons with a disability as de ned in section 6B (1) where such disability incapacitates such person or persons from earning suf cient income for their maintenance, or from managing their own nancial affairs: Provided that—
[Words preceding the proviso substituted by s. 4 (1) (zZh) of Act 31 of 2013 – date of commencement: 1 March 2014 – the substitution applies in respect of years of assessment commencing on or after that date.]
(aa) such trust shall be deemed not to be a special trust in respect of years of assessment ending on or after the date on which all such persons are deceased; and
(bb) where such trust is created for the bene t of more than one person, all persons for whose bene t the trust is created must be relatives in relation to each other; or
(b) by or in terms of the will of a deceased person, solely for the bene t of bene ciaries who are relatives in relation to that deceased person and who are alive on the date of death of that deceased person (including any bene ciary who has been conceived but not yet born on that date), where the youngest of those bene ciaries is on the last day of the year of assessment of that trust under the age of 18 years;
[De nition of ‘special trust’ inserted by s. 5 (i) of Act 5 of 2001, substituted by s. 9 (b) of Act 30 of 2002, amended by s. 3 (1) (l) of Act 8 of 2007 and substituted by s. 2 (1) (zA) of Act 22 of 2012 – substitution deemed to have come into operation as from the commencement of years of assessment commencing on or after 1 March 2012.]
‘speci ed date’, in relation to any company, means—
(a) in respect of the year of assessment ending the thirtieth day of June, 1962, that date or, if such company’s return is under the proviso to subsection (13) of section sixty-six accepted in respect of a period ending upon
some other date, such other date; or
(b) in respect of any other year of assessment, the last day
of such other year of assessment;
[De nition of ‘speci ed date’ substituted by s. 1 (b) of Act 6 of 1963.]
‘speci ed period’, in relation to a year of assessment of any company commencing on or after 1 April 1977, means— (a) where such year of assessment is the rst nancial
year of such company, the period commencing on the rst day of such year and ending six months after the speci ed date in respect of such year; and
(b) where such year of assessment is a subsequent nancial year of such company, the period commencing the day after the end of the speci ed period in respect of the immediately preceding year of assessment and ending six months after the speci ed date in respect of the year of assessment in question:
Provided that where by reason of the amalgamation under section 94 of the Co-operative Societies Act, 1939 (Act 29 of 1939), of two or more agricultural co-operatives (as de ned in section 27 (9) of this Act), the assets and liabilities of such co-operatives have vested in a new agricultural co-operative (as so de ned), the Commissioner may, having regard to the circumstances of the case, direct that the speci ed period of each of the co-operatives which have so amalgamated, as applicable in relation to the nal year of assessment of the
co-operative in question be extended so as to end on such day as the Commissioner may determine;
[De nition of ‘speci ed period’ inserted by s. 4 (1) (d) of Act 113 of 1977 and substituted by s. 3 (1) (e) of Act 104 of 1979.]
‘spot rate’ means the appropriate quoted exchange rate at a speci c time by any authorised dealer in foreign exchange for the delivery of currency;
[De nition of ‘spot rate’ inserted by s. 3 (1) (l) of Act 32 of 2005.]
‘spouse’, in relation to any person, means a person who is the partner of such person—
(a) in a marriage or customary union recognised in terms
of the laws of the Republic;
(b) in a union recognised as a marriage in accordance
(c)
with the tenets of any religion; or
in a same-sex or heterosexual union which is intended to be permanent,
[Para. (c) substituted by s. 3 (1) (zE) of Taxation Laws Amendment Act, 2015 (‘the Commissioner is satis ed’ deleted after ‘which’) – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
and ‘married’, ‘husband’ or ‘wife’ shall be construed accordingly: Provided that a marriage or union contemplated in paragraph (b) or (c) shall, in the absence of proof to the contrary, be deemed to be a marriage or union out of community of property;
[De nition of ‘spouse’ inserted by s. 5 (j) of Act 5 of 2001 and amended by s. 2 (1) (zB) of Act 22 of 2012 – amendment deemed to have come into operation as from the commencement of years of assessment commencing on or after 1 March 2012.]
‘tax’ means tax or a penalty imposed in terms of this Act; [De nition of ‘tax’, previously ‘tax’ or ‘the tax’ or ‘taxation’
amended by s. 1 (c) of Act 6 of 1963 and substituted by
s. 19 (1) (m) of Act 30 of 1998, by s. 2 (1) (zG) of Act 3 of 2008, by s. 4 (1) (zA) of Act 60 of 2008 and by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
‘Tax Administration Act’ means the Tax Adminis- tration Act, 2011 (Act 28 of 2011);
[De nition of ‘Tax Administration Act’ inserted by s. 271 of Act 28 of 2011 and substituted by s. 4 (1) (zZi) of Act 31 of 2013 – date of commencement: 12 December 2013.]
‘tax bene t’ includes any avoidance, postponement or reduction of any liability for tax;
[De nition of ‘tax bene t’ inserted by s. 6 (1) (zH) of Act 7 of 2010.]
‘taxable amount’ . . .
[De nition of ‘taxable amount’ inserted by s. 4 (1) (f) of Act
88 of 1971 and deleted by s. 2 (1) (f) of Act 104 of 1980.] ‘taxable capital gain’ means an amount determined in
terms of paragraph 10 of the Eighth Schedule;
[De nition of ‘taxable capital gain’ inserted by s. 5 (k) of Act 5 of 2001.]
‘taxable income’ means the aggregate of—
(a) the amount remaining after deducting from the income of any person all the amounts allowed under Part I of Chapter II to be deducted from or set off
against such income; and
(b) all amounts to be included or deemed to be included in
the taxable income of any person in terms of this Act;
[De nition of ‘taxable income’ substituted by s. 4 (1) (g) of Act 88 of 1971, by s. 2 (1) (g) of Act 104 of 1980 and by s. 5 (l) of Act 5 of 2001.]
‘taxpayer’ means any person chargeable with any tax leviable under this Act;
[De nition of ‘taxpayer’ amended by s. 1 (d) of Act 6 of
1963 and substituted by s. 19 (1) (n) of Act 30 of 1998, by s. 6 (1) (s) of Act 74 of 2002 and by s. 271 of Act 28 of 2011 – date of commencement: 1 October 2012.]
48 SAIT CompendIum oF TAx LegISLATIon VoLume 1