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Income Tax Act, 1962 (Act 58 of 1962)

Schedules

Sixth Schedule : Determination of Turnover Tax payable by Micro Businesses

Part II : Application of Schedule

4. Permissible Shares and Interests

 

The disqualification in terms of paragraph 3(a) or 3(f)(iii) does not apply to a share or interest—

(a) in a company as described in paragraph (a) of the definition of a ‘listed company’;
(b) in a portfolio in a collective investment scheme as described in paragraph (e) of the definition of a company;
(c) in a company as described in section 10(1)(e);
(d) in a venture capital company as defined in section 12J;
(e) that constitutes less than 5 per cent of the interest in a social or consumer co-operative or a co-operative burial society as defined in section 1 of the Co-operatives Act, 2005 (Act No. 14 of 2005), or any other similar co-operative if all of the income derived from the trade of that co-operative during any year of assessment is solely derived from its members;
(f) that constitutes less than 5 per cent of the interest in a primary savings co-operative bank or a primary savings and loans co-operative bank as defined in the Co-operative Banks Act, 2007 (Act No. 40 of 2007), that may provide, participate in or undertake only banking services as described in section 14(2)(a) or (b) of that Act; or
(g) in any friendly society as defined in section 1 of the Friendly Societies Act, 1956 (Act No. 25 of 1956).