Page 61 - SAIT Compendium 2016 Volume1

s 6
INCOME TAX ACT 58 OF 1962 s 6A
such rebate, the same ratio as the period assessed bears to 12 months.
[Sub-s. (4) substituted by s. 4 (e) of Act 90 of 1988, by s. 5 (c) of Act 21 of 1995 and by s. 7 of Act 31 of 2005.]
(5) . . .
[Sub-s. (5) added by s. 8 (1) of Act 7 of 2010, substituted by s. 9 (1) (e) of Act 24 of 2011 (date of commencement deemed to have been 1 March 2011) and deleted by s. 4 (1) (b) of Taxation Laws Amendment Act, 2015 – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
Prelex
Wording of sub-s. (1) in force until 1 March 2016
(1) There shall be deducted from the normal tax payable by any natural person, other than normal tax in respect of any retirement fund lump sum bene t, retirement fund lump sum withdrawal bene t or severance bene t, an amount equal to the sum of the amounts allowed to the taxpayer by way of rebates under subsection (2).
(2) In the case of a natural person there shall, subject to the provisions of subsection (4), be allowed by way of— (a) a primary rebate, an amount of R13 257;
[Para. (a) amended by s. 4 of Act 36 of 1996, by s. 3 of Act
28 of 1997, by s. 22 (a) of Act 30 of 1998, by s. 5 (a) of Act 32 of 1999, by s. 15 (a) of Act 30 of 2000, by s. 6 (a) of Act 19 of 2001 and by s. 11 of Act 30 of 2002, substituted by s. 35 of Act 12 of 2003, by s. 6 of Act 16 of 2004 and by s. 3 of Act 9 of 2005, amended by s. 20 of Act 9 of 2006, by s. 2 (2) (a) of Act 8 of 2007, by s. 1 (2) (a) of Act 3 of 2008, by s. 6 (3) of Act 17 of 2009, by s. 5 (3) of Act 7 of 2010 and by s. 6 (3) of Act 24 of 2011 and substituted by s. 2 (1) of Act 13 of 2012, by s. 4 (1) of Act 23 of 2013, by s. 3 (1) of Act 42 of 2014 and by s. 4 (1) of Act 13 of 2015 – date of commencement of substitution (‘R12 726’ replaced by ‘R13 257’) deemed to have been 1 March 2015; the substituted amount applies iro years of assessment commencing on or after that date.]
(b)
a secondary rebate, if the taxpayer was or, had he or she lived, would have been 65 years of age or older on the last day of the year of assessment, an amount of R7 407; and
[Para. (b) amended by s. 22 (b) of Act 30 of 1998, by
s. 5 (b) of Act 32 of 1999, by s. 15 (b) of Act 30 of 2000 and by s. 6 (b) of Act 19 of 2001, substituted by s. 35 of Act 12 of 2003, by s. 6 of Act 16 of 2004 and by s. 3 of Act 9 of 2005, amended by s. 2 (2) (a) of Act 8 of 2007, by s. 1 (2) (a) of Act 3 of 2008, by s. 6 (3) of Act 17 of 2009 and by s. 5 (3) of Act 7 of 2010 and substituted by s. 2 (1) of Act 13 of 2012, by s. 4 (1) of Act 23 of 2013, by s. 3 (1) of Act 42 of 2014 and by s. 4 (1) of Act 13 of 2015 – date of commencement of substitution (‘R7 110’ replaced by ‘R7 407’) deemed to have been 1 March 2015; the substituted amount applies iro years of assessment commencing on or after that date.]
[S. 6 amended by s. 4 of Act 90 of 1962, by s. 3 of Act 6 of 1963, by s. 5 of Act 72 of 1963, by s. 8 of Act 55 of 1966, by s. 7 of Act 95 of 1967, by s. 7 of Act 76 of 1968 and by s. 8 (1) of Act 89 of 1969, repealed by s. 7 of Act 88 of 1971 and inserted by s. 5 of Act 104 of 1980.]
6A Medical scheme fees tax credit
(1) A rebate, to be known as the medical scheme fees tax credit, must be deducted from the normal tax payable by a person who is a natural person.
[Sub-s. (1) substituted by s. 7 (1) of Act 31 of 2013 – date of commencement: 1 March 2014.]
(2) (a) The medical scheme fees tax credit applies in respect of fees paid by the person to—
(i) a medical scheme registered under the Medical Schemes Act; or
[Sub-para. (i) substituted by s. 6 (a) of Act 31 of 2013 – date of commencement: 12 December 2013.]
(ii) a fund which is registered under any similar provision contained in the laws of any other country where the medical scheme is registered.
(b) The amount of the medical scheme fees tax credit must be—
(i) R270, in respect of bene ts to the person;
(ii) R540, in respect of bene ts to the person and one
dependant; or
(iii) R540, in respect of bene ts to the person and one
dependant, plus R181, in respect of bene ts to each
additional dependant,
[Sub-paras. (i), (ii) and (iii) of para. (b) substituted by s. 3 (1) of Act 13 of 2012, by s. 5 (1) of Act 23 of 2013, by s. 4 (1) of Act 42 of 2014 and by s. 5 (1) of Act 13 of 2015 – date of commencement of substitutions (‘R257’ replaced by ‘R270’, ‘R514’ replaced by ‘R540’, ‘R172’ replaced by ‘R181’ and ‘taxpayer’ replaced by ‘person’ (3x)) deemed to have been 1 March 2015; the substituted amounts
(c)
a tertiary rebate if the taxpayer was or, had he or she lived, would have been 75 years of age or older on the last day of the year of assessment, an amount of R2 466.
[Para. (c) added by s. 9 (1) (d) of Act 24 of 2011 and substituted by s. 2 (1) of Act 13 of 2012, by s. 4 (1) of Act 23 of 2013, by s. 3 (1) of Act 42 of 2014 and by s. 4 (1) of Act 13 of 2015 – date of commencement of substitution (‘R2 367’ replaced by ‘R2 466’) deemed to have been 1 March 2015; the substituted amount applies iro years of assessment commencing on or after that date.]
[Sub-s. (2) amended by s. 5 (a) and (b) of Act 91 of 1982, by s. 4 of Act 121 of 1984, by s. 3 (a) and (b) of Act 96 of 1985, by s. 4 of Act 85 of 1987 and by s. 4 (b) and (c) of Act 90 of 1988, substituted by s. 4 (1) (a) of Act 70 of 1989, amended by s. 3 of Act 101 of 1990, by s. 4 of Act 129 of 1991 and by s. 4 of Act 141 of 1992 and substituted by s. 5 (a) of Act 21 of 1995.]
(3) . . .
[Sub-s. (3) amended by s. 5 of Act 96 of 1981, by s. 5 of Act 91 of 1982, by s. 4 of Act 94 of 1983, by s. 3 of Act 96 of 1985, by s. 4 of Act 90 of 1988, by s. 4 of Act 70 of 1989, by s. 3 of Act 101 of 1990, by s. 4 of Act 129 of 1991 and by s. 4 of Act 141 of 1992 and deleted by s. 5 (b) of Act 21 of 1995.]
(4) Where the period assessed is less than 12 months, the amount to be allowed by way of a rebate under subsection (2) shall be such amount as bears to the full amount of
SAIT CompendIum oF TAx LegISLATIon VoLume 1 53
Prelex
Wording of sub-s. (5) in force until date of promulgation of Taxation Laws Amendment Act, 2015
(5) Where the taxable income of a taxpayer consists solely of remuneration of which the full amount is subject to the Standard Income Tax on Employees contemplated in paragraph 11B of the Fourth Schedule, the amount of tax payable by that taxpayer—
(a) in respect of a year of assessment commencing during the period of 12 months commencing on 1 March 2011 and ending on 29 February 2012, must be reduced by an amount equal to two-thirds; and
(b) in respect of a year of assessment commencing during the period of 12 months commencing on 1 March 2012 and ending on 28 February 2013, must be reduced by an amount equal to one-third,
of the difference between—
(i) the amount of tax that would have been payable by
the taxpayer had this subsection not applied; and
(ii) the aggregate of the Standard Income Tax on Employees payable by the taxpayer in respect of
that year of assessment.
INCOME TAX ACT – SECTIONS