Category: Definitions – ITA

“Date of redemption” definition of section 24J of ITA

Posted on by admin_kmos

“date of redemption”, in relation to an instrument, means-

 

(a)     where-

 

(i)      the terms of that instrument specify a date on which all liability to pay all amounts in terms of that instrument will be discharged; and

 

(ii)     the date so specified is not, in terms of the instrument, subject to change, whether as a result of any right, fixed or contingent, of the holder of that instrument or otherwise,

 

that date; or

 

(b)     where-

 

(i)      the terms of that instrument do not specify a date as contemplated in paragraph (a)(i); or

 

(ii)     that date, if so specified, is subject to change as contemplated in paragraph (a)(ii),

 

the date on which, on a balance of probabilities, all liability to pay all amounts in terms of that instrument is likely to be discharged;

“Debt” definition of Eighth Schedule

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‘debt’ means any amount that is owed by a person in respect of-

(a)     expenditure incurred by that person; or

(b)     a loan, advance or credit that was used, directly or indirectly, to fund any expenditure incurred by that person,

but does not include a tax debt as defined in section 1 of the Tax Administration Act;

[Definition of ‘debt’ substituted by section 77 of Act 23 of 2018 effective on 1 January 2018, applies in respect of years of assessment commencing on or after that date]

“Debt” definition of section 19 of ITA

Posted on by admin_kmos

‘debt’ means any amount that is owed by a person in respect of-

(a)     expenditure incurred by that person; or

(b)     a loan, advance or credit that was used, directly or indirectly, to fund any expenditure incurred by that person,

but does not include a tax debt as defined in section 1 of the Tax Administration Act;

[Definition of “debt” substituted by section 36 of Act 23 of 2018 effective on 1 January 2018, applies in respect of years of assessment commencing on or after that date]

“Deferred interest” definition of section 24J of ITA

Posted on by admin_kmos

“deferred interest” includes –

 

(a)     any interest where such interest (or any portion thereof), calculated in respect of any accrual period falling within the term of any instrument by applying a constant interest rate throughout the term of such instrument, is not payable or receivable in terms of such instrument within one year from the date of the commencement of such accrual period; and

 

(b)     any interest payable or receivable in terms ol any instrument where such interest is not calculated by applying a constant interest rate throughout the term of such instrument;

“Dependent” definition of section 6B of ITA

Posted on by admin_kmos

‘dependant’ means-

(a)     a person’s spouse;

(b)     a person’s child and the child of his or her spouse;

(c)     any other member of a person’s family in respect of whom he or she is liable for family care and support; or

[Paragraph (c) amended by section 6 of Act 23 of 2018 effective on 17 January 2019]

(d)     any other person who is recognised as a dependant of that person in terms of the rules of a medical scheme or fund contemplated in section 6A(2)(a) (i) or (ii),

at the time the fees contemplated in section 6A(2)(a) were paid, the amounts contemplated in paragraph (a) and (b) of the definition of ‘qualifying medical expenses’ were paid or the expenditure contemplated in paragraph (c) of that definition was incurred and paid;

“Depreciable asset” definition of section 1 of ITA

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“depreciable asset” means an asset as defined in paragraph 1 of the Eighth Schedule (other than any trading stock and any debt), in respect of which a deduction or allowance determined wholly or party with reference to the cost or value of that asset is allowable in terms of this Act for purposes other than the determination of any capital gain or capital loss;