“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;
“taxable capital gain” means an amount determined in terms of paragraph 10 of the Eighth Schedule;
“Tax Administration Act” means the Tax Administration Act, 2011 (Act No. 28 of 2011);
“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 with the tenets of any religion; or
(c) in a same-sex or heterosexual union which is intended to be permanent,
[Paragraph (c) substituted by section 3 of Act 25 of 2015 effective on 8 January 2016]
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;
“specified 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 first financial year of such company, the period commencing on the first day of such year and ending six months after the specified date in respect of such year; and
(b) where such year of assessment is a subsequent financial year of such company, the period commencing the day after the end of the specified period in respect of the immediately preceding year of assessment and ending six months after the specified 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 No. 29 of 1939), of two or more agricultural co–operatives (as defined 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 defined), the Commissioner may, having regard to the circumstances of the case, direct that the specified period of each of the co–operatives which have so amalgamated, as applicable in relation to the final year of assessment of the co–operative in question be extended so as to end on such day as the Commissioner may determine;
“specified 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 66 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;
“South African Revenue Service” means the South African Revenue Service established by section 2 of the South African Revenue Service Act, 1997;
“Short-term Insurance Act” means the Short-term Insurance Act, 1998 (Act No. 53 of 1998);
“share” means, in relation to any company, any unit into which the proprietary interest in that company is divided;
“severance benefit” means any amount (other than a lump sum benefit or an amount contemplated in paragraph (d)(ii) or (iii) of the definition 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, as defined in paragraph 1 of the Seventh Schedule, in relation to that employer in respect of the relinquishment, termination, losections repudiation, cancellation or variation of the person’s office or employment or of the person’s appointment (or right or claim to be appointed) to any office or employment, if-
(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 office or employment due to sickness, accident, injury or incapacity through infirmity 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 five per cent of the issued shares or members’ interest in the company:
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;
[Definition of “severance benefit” inserted by section 6(1)(zF) of Act 7 of 2010 and amended by section 7(1)(zK) and (zM) of Act 24 of 2011 and by section 1(1)(n) of Act 5 of 2026 effective on 1 March, 2026 and applicable in respect of years of assessment commencing on or after that date]