Publisher’s Note:

SAICA Student Handbook 2023/2024 Volume 3

The SAICA Student Handbook is published in December each year in order to make the updated tax legislation available
as soon as possible. We rely on the tax Bills available at the time of print to incorporate the annual tax amendments.
Small textual changes were made in the Amendment Acts promulgated on 22 December 2023. Changes impacting
provisions that are in scope for students are included in this document. Changes to ss 11D, 12P, 29A, 30A, 30B, 30C,
35A(12), 36 and 49D of the Income Tax Act and s 8(8A) of the VAT Act are thus not included. Furthermore, textual
changes to the definitions of “pension fund” and “provident preservation fund” are also not included as the approved
status and lumpsum and annuity amounts are provided to students.
Should you have any queries or suggestions, please contact us at the following email address:
editorialfeedback@lexisnexis.co.za.

Page 77: change of cross-reference in s. 10B (4) (b):

(b) the amount so paid or payable is deductible from the income of the person by whom it is paid or payable and—
(i) is not subject to normal tax in the hands of the other person contemplated in subparagraph (a) (i); and
(ii) where that other person contemplated in subparagraph (a) (i) is a controlled foreign company, is not taken into account
in determining the net income, contemplated in section 9D (2A), of that controlled foreign company…

Page 87: change of wording in proviso to s. 11F (2) (a):

(a) R350 000:
Provided that where any person’s year of assessment is less than a period of 12 months, the aggregate of amounts that shall be
allowed as deductions under this paragraph for years of assessment during the period of 12 months commencing in on 1 March
and ending at the end of February of the immediately following calendar year, must not exceed R350 000;

Page 89: deletion of wording in s. 12BA (1) (d):

(d) hydropower to produce electricity; or

Page 119: addition of the word “or” at the end of paragraph (aa) of the proviso to s. 19 (8) (d):
(aa) … in respect of which the provisions of section 42, 44, 45 or 47, as the case may be, applied; or

Page 151: change of wording in annotation to s. 25B (1) and (2):

[ … deemed to have come into operation on 1 March, 2024 and applicable in respect of any years of assessment commencing on or after the that date.]

Page 201: change of wording in s. 50D (f):

(f) that is received by or accrued to a resident trust that is a resident and is then paid to a beneficiary of that trust as a distribution
by that trust.
[Para. (f) added by s. 39 (1) (c) of Act No. 17 of 2023 with effect 1 March, 2024 and applicable in respect of interest that is received by or accrues to a
resident trust that is resident on or after that date.]

Page 275: change of wording in annotation to para. 64B (1) (b) of the Eighth Schedule:
[Item (b) substituted by s. 42 (1) (a) of TLA Act of 2023 deemed to have come into operation on the date of introduction of the 2023 Taxation
Laws Amendment Bill by the Minister in Parliament: 1 November, 2023 and applicable in respect of any disposals on or after that date.]