Page 700 - SAIT Compendium 2016 Volume1

RATES OF NORMAL TAX
(b) in the case of an organisation that is a trust, in respect of any year of assessment commencing on 1 March 2015 or ending on 29 February 2016.
5. The rate of tax referred to in section 3 (1) to be levied in respect of the taxable income of any company which quali es as a small business corporation as de ned in section 12E of the Income Tax Act, 1962, in respect of any year of assessment ending during the period of 12 months ending on 31 March 2016 is set out in the table below:
Taxable income
Rate of tax
Not exceeding R73 650
0 per cent of taxable income
Exceeding R73 650 but not exceeding R365 000
7 per cent of amount by which taxable income exceeds R73 650
Exceeding R365 000 but not exceeding R550 000
R20 395 plus 21 per cent of amount by which taxable income exceeds R365 000
Exceeding R550 000
R59 245 plus 28 per cent of amount by which taxable income exceeds R550 000
6. The rate of tax referred to in section 2 (2) to be levied in respect of the taxable turnover of a person that is a registered micro business as de ned in paragraph 1 of the Sixth Schedule to the Income Tax Act, 1962, in respect of any year of assessment ending during the period of 12 months ending on 29 February 2016 is set out in the table below:
Taxable turnover
Rate of tax
Not exceeding R335 000
0 per cent of taxable turnover
Exceeding R335 000 but not exceeding R500 000
1 per cent of amount by which taxable turnover exceeds R335 000
Exceeding R500 000 but not exceeding R750 000
R1 650 plus 2 per cent of amount by which taxable turnover exceeds R500 000
Exceeding R750 000
R6 650 plus 3 per cent of amount by which taxable turnover exceeds R750 000
7. (a) (i) If a retirement fund lump sum withdrawal bene t accrues to a person in any year of assessment commencing on or after 1 March 2015, the rate of tax referred to in section 2 (1) to be levied on that person in respect of taxable income comprising the aggregate of—
(aa) that retirement fund lump sum withdrawal bene t;
(bb) retirement fund lump sum withdrawal bene ts received by or accrued to that person on or after 1 March 2009 and
prior to the accrual of the retirement fund lump sum withdrawal bene t contemplated in subitem (aa);
(cc) retirement fund lump sum bene ts received by or accrued to that person on or after 1 October 2007 and prior to the
accrual of the retirement fund lump sum withdrawal bene t contemplated in subitem (aa); and
(dd) severance bene ts received by or accrued to that person on or after 1 March 2011 and prior to the accrual of the
retirement fund lump sum withdrawal bene t contemplated in subitem (aa), is set out in the table below:
Taxable income from lump sum bene ts
Rate of tax
Not exceeding R25 000
0 per cent of taxable income
Exceeding R25 000 but not exceeding R660 000
18 per cent of amount by which taxable income exceeds R25 000
Exceeding R660 000 but not exceeding R990 000
R114 300 plus 27 per cent of amount by which taxable income exceeds R660 000
Exceeding R990 000
R203 400 plus 36 per cent of amount by which taxable income exceeds R990 000
(ii) The amount of tax levied in terms of item (i) must be reduced by an amount equal to the tax that would be leviable on the person in terms of that item in respect of taxable income comprising the aggregate of—
(aa) retirement fund lump sum withdrawal bene ts received by or accrued to that person on or after 1 March 2009 and
prior to the accrual of the retirement fund lump sum withdrawal bene t contemplated in item (i) (aa);
(bb) retirement fund lump sum bene ts received by or accrued to that person on or after 1 October 2007 and prior to the
accrual of the retirement fund lump sum withdrawal bene t contemplated in item (i) (aa); and
(cc) severance bene ts received by or accrued to that person on or after 1 March 2011 and prior to the accrual of the
retirement fund lump sum withdrawal bene t contemplated in item (i) (aa).
692 SAIT CompendIum oF TAx LegISLATIon VoLume 1