| (1) |
The Minister of Finance may make regulations to facilitate compliance with the provisions of this Act by natural persons who carry on business through small business undertakings, whether as sole proprietors or in partnership with other natural persons. |
(2) A regulation made under subsection (1) may—
| (a) |
prescribe what shall constitute a small business undertaking, having regard to— |
| (i) |
the nature of the undertaking; |
| (iii) |
the number of persons employed in the undertaking; |
| (iv) |
the nature and extent of other income derived by the proprietor or partners; and |
| (v) |
any other feature which, in the opinion of the said Minister, indicates that an undertaking should be regarded as a small business undertaking; |
| (b) |
provide for the variation of any provision of this Act relating to the determination of the taxable income derived from a small business undertaking, including— |
| (i) |
the determination of taxable income having regard only to amounts actually received or expended; |
| (ii) |
any variation in the manner in which the values of trading stock are taken into account; |
| (iii) |
the manner in which expenditure of a capital nature incurred is to be treated;and |
| (iv) |
any other provision which, save in so far as the timing of the receipt or accrual of income or the incurral of expenditure is concerned, will not result in a material variation in the determination of the taxable income derived by the undertaking over a period of time; |
| (c) |
provide for the exemption from, or extension of time limits in, any provision of this Act relating to the preparation and submission of documents, accounts, returns or payments; |
| (d) |
make such other provision as in the opinion of the said Minister will facilitate the carrying on of small business undertakings. |
[Section 37G inserted by section 24(1) of the Income Tax, 1995 (Act No. 21 of 1995)]
Older Persons Act, 2006
