Below is a list of DELETED or REPEALED definitions for section 1 only. For amendment details of EXISTING definitions, please review the amendment details for each individual definition in the “Options menu” of each individual definition.
Assisted gold mine
Definition of “assisted gold mine” inserted by section 5 of Act 76 of 1968 and deleted by section 2 of Act 141 of 1992.
Building society
Definition of “building society” inserted by section 1 of Act 108 of 1986 and deleted by section 2 of Act 3 of 2008.
Business day
Definition of “business day” inserted by section 2 of Act 113 of 1993 and deleted by section 271 of Act 28 of 2011 effective on 1 October 2012.
Capitalisation shares
Definition of “capitalization shares” inserted by section 4 of Act 85 of 1974 and deleted by section 6 of Act 7 of 2010 effective on 1 January 2011.
Chief Executive Officer
Definition of “Chief Executive Officer” inserted by section 2 of Act 36 of 1996 and deleted by section 34 of Act 34 of 1997.
Date of deep level production
Definition of “date of deep level production” deleted by section 2 of Act 3 of 2008.
Date of assessment
Definition of “date of assessment” inserted by section 4 of Act 69 of 1975 and deleted by section 271 of Act 28 of 2011 effective on 1 October 2012.
Dependant
Definition of “dependant” substituted by section 4 of Act 88 of 1971 and section 4 of Act 85 of 1974, amended by section 3 of Act 104 of 1979 and section 2 of Act 104 of 1980 and deleted by section 2 of Act 90 of 1988.
Designated country
Definition of “designated country” inserted section 6 of Act 74 of 2002 and deleted by section 12 of Act 45 of 2003.
Domestic company
Definition of “domestic company” inserted by section 4 of Act 85 of 1974 and deleted by section 2 of Act 59 of 2000.
Entertainment expenditure
Definition of “entertainment expenditure” inserted by section 2 of Act 121 of 1984 and deleted by section 2 of Act 3 of 2008.
Equity share capital
Definition of “equity share capital” substituted by section 3 of Act 8 of 2007 and substituted by the definition of “equity share” in section 6 of Act 7 of 2010 effective on 1 January 2011.
External company
Definition of “external company” inserted by section 4 of Act 85 of 1974 and deleted by section 2 of Act 59 of 2000.
Foreign equity instrument
Definition of “foreign equity instrument” inserted by section 17 of Act 60 of 2001, amended by section 6 of Act 74 of 2002 and deleted by section 4 of Act 31 of 2013 effective on 12 December 2013.
Government grant
Definition of “government grant” inserted by section 3 of Act 32 of 2005 and deleted by section 2 of Act 22 of 2012 effective on 1 January 2013.
Government scrapping payment
Definition of “government scrapping payment” inserted by section 3 of Act 20 of 2006 and deleted by section 2 of Act 22 of 2012 effective on 1 January 2013.
International headquarter company
Definition of “international headquarter company” inserted by section 2 of Act 59 of 2000 and deleted by section 12 of Act 45 of 2003.
Local authority
Definition of “local authority” amended by section 4 of Act 72 of 1963, substituted by section 5 of Act 88 of 1965 and section 2 of Act 141 of 1992 and deleted by section 3 of Act 20 of 2006.
Married
Definition of “married” deleted by section 5 of Act 5 of 2001.
Married person
Definition of “married person” substituted by section 3 of Act 90 of 1962, section 5 of Act 88 of 1965, section 4 of Act 88 of 1971 and section 4 of Act 90 of 1972, amended by section 3 of Act 104 of 1979, section 2 of Act 104 of 1980, section1 of Act 30 of 1984, section 2 of Act 90 of 1988 and section 2 of Act 70 of 1989 and deleted by section 2 of Act 21 of 1995.
Married woman
Definition of “married woman” inserted by section 2 of Act 70 of 1989, substituted by section 5 of Act 5 of 2001 and deleted by section 2 of Act 3 of 2008.
Mutual building society
Definition of “mutual building society” inserted by section 1 of Act 108 of 1986 and deleted by section 2 of Act 3 of 2008.
New deep level gold mine
Definition of “new deep level gold mine” deleted by section 2 of Act 70 of 1989.
New gold mine
Definition of “new gold mine” amended by section 4 of Act 72 of 1963 and deleted by section 2 of Act 70 of 1989.
Nominal value
Definition of “nominal value” inserted by section 4 of Act 85 of 1974 and deleted by section 6 of Act 7 of 2010 effective on 1 January 2011.
Other deep level gold mine
Definition of “other deep level gold mine” substituted by section 2 of Act 70 of 1989 and deleted by section 2 of Act 3 of 2008.
Post-1966 gold mine
Definition of “post–1966 gold mine” inserted by section 5 of Act 55 of 1966 and deleted by section 2 of Act 129 of 1991.
Qualifying statutory rate
Definition of “qualifying statutory rate” inserted by section 6 of Act 74 of 2002 and deleted by section 12 of Act 45 of 2003.
Scientific research
Definition of “scientific research” deleted by section 12 of Act 45 of 2003.
Secretary
Definition of “Secretary” inserted by section 4 of Act 90 of 1964 and deleted by section 2 of Act 104 of 1980.
Shareholder
Definition of “shareholder” substituted by section 3 of Act 90 of 1962, amended by section 2 of Act 121 of 1984, section 6 of Act 74 of 2002, section 12 of Act 45 of 2003, section 3 of Act 20 of 2006, section 3 of Act 8 of 2007 and section 6 of Act 7 of 2010 and deleted by section 7 of Act 24 of 2011 effective on 1 April 2012.
South African company
Definition of “South African company” inserted by section 4 of Act 85 of 1974, substituted by section 4 of Act 103 of 1976, section 2 of Act 96 of 1985 and section 2 of Act 36 of 1996 and deleted by section 2 of Act 59 of 2000.
Taxable amount
Definition of “taxable amount” inserted by section 4 of Act 88 of 1971 and deleted by section 2 of Act 104 of 1980.
Territory
Definition of “territory” inserted by section 6 of Act 89 of 1969, substituted by section 2 of Act 141 of 1992 and deleted by section 2 of Act 59 of 2000.
Other section 1 amendment details:
Section 1 renumbered to subsection 1(1) by section 271 of Act 28 of 2011 effective on 1 October 2012.
Subsection (2) of section 1 substituted by section 271 of Act 28 of 2011 effective on 1 October 2012.
“retirement fund lump sum benefit” means an amount determined in terms of paragraph 2(1)(a) or (c) of the Second Schedule;
[Definition of “retirement fund lump sum benefit” inserted by section 3 of Act 8 of 2007 and substituted by section 2 of Act 3 of 2008, section 7 of Act 17 of 2009 and section 2 of Act 17 of 2017 effective on 1 March 2018 and applies in respect of years of assessment commencing on or after that date]
“retirement fund lump sum withdrawal benefit” means an amount determined in terms of paragraph 2(1)(b) of the Second Schedule;
“retirement interest” means-
(a) in relation to any period prior to 1 September 2024, a member’s share of the value of a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund as determined in terms of the rules of the fund on the date on which he or she elects to retire or transfer to a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund; or
(b) in relation to any period commencing on 1 September 2024, a member’s share of the value of a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund as determined in terms of the rules of the fund comprising the member’s interest in the savings component, member’s interest in the retirement component and member’s interest in the vested component, on the date on which he or she elects to retire or transfer to a pension preservation fund, provident preservation fund or retirement annuity fund as contemplated in paragraph 2(1)(c) of the Second Schedule or transfer to a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund as contemplated in paragraph 2(1)(d) of the Second Schedule;
[Definition of “retirement interest” inserted by section 2(1)(zF) of Act 3 of 2008 and substituted by section 1(1)(q) of Act 43 of 2014, by section 2(1)(k) of Act 17 of 2017, by section 1(1)(x) of Act 23 of 2018, by section 1(1)(n) of Act 17 of 2023 and by section 1(1)(zG) of Act 12 of 2024 effective on 1 September, 2024 and applicable in respect of years of assessment commencing on or after that date]
“return” means a return as defined in section 1 of the Tax Administration Act;
“return of capital” means any amount transferred by a company that is a resident for the benefit or on behalf of any person in respect of any share in that company to the extent that that transfer results in a reduction of contributed tax capital of the company, whether that amount is transferred-
(a) by way of a distribution made by; or
(b) as consideration for the acquisition of any share in,
that company, but does not include any amount so transferred to the extent that the amount so transferred constitutes-
(i) shares in the company; or
(ii) an acquisition by the company of its own securities by way of a general repurchase of securities as contemplated in subparagraph (b) of paragraph 5.67(B) of section 5 of the JSE Limited Listings Requirements, where that acquisition complies with any applicable requirements prescribed by paragraph s 5.68 and 5.72 to 5.81 of section 5 of the JSE Limited Listings Requirements or by way of a general repurchase of securities as contemplated in the listings requirements of any other exchange, licensed under the Financial Markets Act, that are substantially the same as the requirements prescribed by the JSE Limited Listings Requirements, where that acquisition complies with the applicable requirements of that exchange;
[Paragraph (ii) substituted by section 2(1)(l) of Act 17 of 2017 and by section 2(1)(g) of Act 34 of 2019 deemed effective on 1 March, 2019]
[Definition of “return of capital” inserted by section 7 of Act 24 of 2011 and substituted by section 2 of Act 17 of 2017 effective on 18 December 2017]
“savings component” means a component established in terms of the rules of a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund for a person who is a member of that fund: Provided that the rules of the fund provide that-
(a) a one-off amount of 10 per cent of the total value of the vested component as at 31 August 2024, as contemplated in paragraph (a) of the definition of “vested component”, limited to R30 000, is allocated to this component on or after 1 September 2024: Provided further that-
(i) the amount may be determined on or after 1 September 2024, and the allocation must be backdated to that date; and
(ii) in the case of any person who is or was a member of a provident fund or provident preservation fund and who is or was 54 years of age or younger on 1 March 2021, the one-off amount is to be calculated proportionally from that member’s retirement interest in that provident fund or provident preservation fund on 28 February 2021 and the increase in the value up to and including 31 August 2024 from that fund;
(b) one-third of the total retirement contributions to a pension fund, provident fund or retirement annuity fund by or on behalf of that member on or after 1 September 2024 is allocated to this component: Provided that-
(i) in determining the value of the contributions to this component an amount of charges and risk premiums deductible against such contributions must not be taken into account;
(ii) in the case of funds with a defined benefit funding structure, the total value attributed to this component on or after 1 September 2024 is to be determined with reference to one-third of the member’s “pensionable service” as contemplated in the rules of that fund on or after 1 September 2024; and
(iii) a fund with a defined benefit structure that is unable to allocate contributions as contemplated in subparagraph (ii) may allocate contributions utilising a reasonable method of allocation as approved by the Financial Sector Conduct Authority;
(c) payments or transfers from a similar component to a pension preservation fund or provident preservation fund by or on behalf of that member on or after 1 September 2024 is allocated to this component;
(d) any amounts transferred from a similar component of any other pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund on or after 1 September 2024 are allocated to this component if the member’s total interest in that fund is transferred in terms of the rules of the fund;
(e) the member may elect to allocate the value of the member’s interest in this component into the member’s retirement component in that fund;
(f) the member’s interest in this component or portion thereof may be paid in the form of a savings withdrawal benefit; and
(g) on the death of the member or former member, or on retirement of the member, the member’s interest in this component may on election of the member or nominee be—
(i) on the death of the member paid to a nominee or dependant of the deceased member or former member; or
(ii) on retirement, to the retired member and is deemed to be a lump sum benefit contemplated in paragraph 2(1)(a) of the Second Schedule and in the absence of a nominee or dependant, to the deceased’s estate as a lump sum benefit contemplated in paragraph 2(1)(a) of the Second Schedule-
Provided further that this definition shall not apply to a “legacy retirement annuity policy” as defined in section 1, that has been approved for exemption by the Financial Sector Conduct Authority, a “beneficiary fund”, “unclaimed benefit fund” and “pensioner” as defined in section 1 of the Pension Funds Act, and any person who is or was a member of a provident fund or provident preservation fund and who is or was 55 years of age or older on 1 March 2021, unless such person has elected to contribute to the “savings component”;
[Definition of “savings component” inserted by section 1(1)(zH) of Act 12 of 2024 effective on 1 September, 2024 and applicable in respect of years of assessment commencing on or after that date]
“savings withdrawal benefit” means a portion of the member’s share of the value in a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund that the member has elected to withdraw from the portion of his or her share allocated to the savings component provided by that fund before termination of membership of the fund: Provided that-
(a) the member’s right is limited to one withdrawal during a year of assessment;
(b) where a member has multiple contracts in the same fund, one withdrawal during a year of assessment may be made from each of the contracts; and
(c) the value of each withdrawal, before taking into account any charges or transaction costs, may not be less than R2 000: Provided that where a member terminates their membership in their respective funds within any year of assessment and such member has made a withdrawal from that fund as contemplated in paragraphs (a) or (b) and the value of the member’s interest in the savings component is less than R2 000, such member may be allowed a second withdrawal of the total balance in the savings component;
[Definition of “savings withdrawal benefit” be inserted by section 1(1)(zH) of Act 12 of 2024 effective on 1 September, 2024 and applicable in respect of years of assessment commencing on or after that date]
“securities lending arrangement” means a ‘lending arrangement’ as defined in the Securities Transfer Tax Act, 2007 (Act No. 25 of 2007);
“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 in relation to that employer in respect of the relinquishment, termination, loss, 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;
“share” means, in relation to any company, any unit into which the proprietary interest in that company is divided;