Page 706 - SAIT Compendium 2016 Volume1

monetary thresholds and rebates
Amounts to be taken into account in determining whether an industrial project constitutes an industrial policy project (‘green eld’ and ‘brown eld’ projects)
‘green eld’ project
Section 12I (7) (a) (i) (aa)
R50 million
‘brown eld’ project
Section 12I (7) (a) (i) (bb) (A) Section 12I (7) (a) (i) (bb) (B)
R30 million R50 million
Venture capital companies
After 36 months, at least 80 per cent of the expenditure incurred by a venture capital company must be incurred in respect of qual- ifying shares in a junior mining company, with assets of which the book value does not exceed the amount indicated immediately after the issue
Section 12J (6A) (b) (i)
R500 million
After 36 months, at least 80 per cent of the expenditure incurred by a venture capital com- pany must be incurred in respect of qualifying shares in a company, other than a junior min- ing company, with assets of which the book value does not exceed the amount indicated
Section 12J (6A) (b) (ii)
R50 million
Presumptive turnover tax
A person quali es as a micro business for
a year of assessment where the qualifying turnover of that person for that year does not exceed the amount indicated
Paragraph 2 (1) of Sixth Schedule
R1 million
Maximum of total receipts from disposal of immovable property and assets of a capital nature by micro business
Paragraph 3 (e) of Sixth Schedule
R1,5 million
Minimum value of individual assets and li- abilities in respect of which a micro business is required to retain records
Paragraphs 14 (c) and (d) of Sixth Schedule
R10 000
Public bene t organisations
PBO trading income exemption
Section 10 (1) (cN) (ii) (dd) (ii)
R200 000
Deduction of donations to transfrontier parks
Section 18A (1C) (a) (ii)
R1 million
Housing provided by a PBO: maximum monthly income of bene ciary household
Paragraph 3 (a) of Part I of Ninth Schedule and paragraph 5 (a) of Part II of Ninth Schedule
R15 000
Recreational clubs
Club trading income exemption
Section 10 (1) (cO) (iv) (bb)
R120 000
Maximum amount of deferral of prepaid expenses
Paragraph (bb) of proviso to section 23H (1)
R100 000
Small business corporations
Maximum gross income
Section 12E (4) (a) (i)
R20 million
Housing associations
Investment income exemption
Section 10 (1) (e) (ii)
R50 000
Normal tax rebates iro natural persons
Primary rebate
Section 6 (2) (a)
R13 257 (wef 1 March 2015)
Secondary rebate (65 and older)
Section 6 (2) (b)
R7 407 (wef 1 March 2015)
Tertiary rebate (75 and older)
Section 6 (2) (c)
R2 466 (wef 1 March 2015)
698 SAIT CompendIum oF TAx LegISLATIon VoLume 1