“date of sequestration” means-
(a) the date of voluntary surrender of an estate, if accepted by the Court; or
(b) the date of provisional sequestration of an estate, if a final order of sequestration is granted by the Court;
Category: PRELIMINARY (ITA)
“Depreciable asset” definition of section 1 of ITA
“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;
“Designs Act” definition of section 1 of ITA
“Designs Act” means the Designs Act, 1993 (Act No. 195 of 1993);
“Director” definition of section 1 of ITA
“director”, in relation to a close corporation, means any person who in respect of such close corporation holds any office or performs any functions similar to the office or functions of a director of a company other than a close corporation;
“Dividend” definition of section 1 of ITA
“dividend” means any amount, other than a dividend consisting of a distribution of an asset in specie declared and paid as contemplated in section 31(3), transferred or applied by a company that is a resident for the benefit or on behalf of any person in respect of any share in that company, whether that amount is transferred or applied-
[Words preceding paragraph (a) substituted by section 1 of Act 23 of 2018 effective on 1 January 2019, applies in respect of years of assessment commencing on or after that date]
(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 or applied to the extent that the amount so transferred or applied-
(i) results in a reduction of contributed tax capital of the company;
(ii) constitutes shares in the company; or
(iii) constitutes 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 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 (iii) substituted by section 2(1)(b) of Act 17 of 2017 and by section 2(1)(a) of Act 34 of 2019]
“Income” definition of section 1 of ITA
“income” means the amount remaining of the gross income of any person for any year or period of assessment after deducting therefrom any amounts exempt from normal tax under Part I of Chapter II;
“Insolvent estate” definition of section 1 of ITA
“insolvent estate” means an insolvent estate as defined in section 2 of the Insolvency Act, 1936 (Act No. 24 of 1936);
“JSE Limited Listings Requirements” definition of section 1 of ITA
“JSE Limited Listings Requirements” means the JSE Limited Listings Requirements, 2003, made by the JSE Limited in terms of section 11 of the Financial Markets Act;
“Linked unit” definition of section 1 of ITA
“linked unit” means a unit comprising a share and a debenture in a company, where that share and that debenture are linked and are traded together as a single unit;
“Listed share” definition of section 1 of ITA
“listed share” means a share that is listed on an exchange as defined in section 1 of the Financial markets Act and licensed under section 9 of that Act;