Transcription of INTERPRETATION NOTE 9 (Issue 7) ACT - SARS
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INTERPRETATION NOTE 9 (Issue 7) ACT - SARS
INTERPRETATION NOTE: NO. 9 (Issue 6) DATE: 26 July 2016 ACT : INCOME TAX ACT NO. 58 OF 1962 SECTION : SECTION 12E SUBJECT : small business CORPORATIONS CONTENTS PAGE Preamble .. 2 1. Purpose .. 3 2. Background .. 3 3. The law .. 4 4. Application of the law .. 4 Qualifying requirements .. 4 Legal entity requirement [section 12E(4)(a)] .. 4 (a) Close corporation .. 4 (b) Co-operatives .. 5 (c) Private company .. 5 Holder of shares requirement .. 6 (a) The holding of shares in the potential small business corporation [section 12E(4)(a)] .. 6 (b) The holding of shares in any other company by the holders of shares or members of the close corporation or co-operative [section 12E(4)(a)(ii)] .. 7 Gross income limitation requirement [section 12E(4)(a)(i)] .. 8 (a) Gross income .. 8 (b) Year of assessment .. 9 (c) Variation of the gross income limitation .. 9 business activity requirement [section 12E(4)(a)(iii) and (iv)] .. 10 (a) Definition of investment income [section 12E(4)(c)].
interpretation note 9 (issue 7) date: 25 june 2018 . act : income tax act 58 of 1962 . section : section 12e . subject : small business corporations
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