Mercantile Law / LL. M. (Law)

Thesis (MComm)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: In this study, the income tax implications of the acquisition of a debenture at a discount is investigated. The purpose of this study is determine whether the proceeds from the redemption or disposal of the above-mentioned debenture are of a revenue or capital nature. It is customary for companies to issue debentures in order to obtain long term finance. These debentures may be issued at a discount. There exists a general uncertainty in the academic literature regarding the income tax implications of the acquisition of a debenture at a discount to the face value thereof. Section 24J of the Income Tax Act includes a discount in the definition of "interest". There is no general definition of the words "interest" and "discount" in the Income Tax Act. The lack of a statutory definition of these words contributes to the uncertainty regarding the income tax treatment of the sale or redemption of a debenture. The following aspects are discussed: (a) the revenue or capital nature of the proceeds on redemption and transfer of a debenture; (b) the provisions of section 24J of the Income Tax Act; and (c) the provisions of capital gains tax. In order to determine the revenue or capital nature of the proceeds on redemption or transfer of a debenture, the following aspects are discussed: • The attributes of a debenture from an economic and legal perspective. The factors that determine the value of the discount of a debenture are considered from an economic viewpoint. • The guidelines that apply in general to determine the revenue or capital nature of accruals are considered with specific reference to the guidelines laid down by the South African courts. A distinction is drawn between the guidelines that consider the intention of the taxpayer and those guidelines that operate independently of the intention of the taxpayer. • The general guidelines are then applied to the proceeds on redemption or transfer of a debenture. The ordinary meaning of interest and the meaning of the interest in the Income Tax Act are considered. The relation between a discount and interest is examined. Case law from England, Australia and Canada are also considered. The writer comes to the conclusion that a discount that realises on redemption of a debenture is in the nature of interest. The discount is revenue derived from capital productively employed and therefore not of a capital nature. The proceeds from the transfer of a debenture is not of a capital nature if it is a gain made by an operation of business in carrying out a scheme for profit making. The writer is of the opinion that section 24J influences the application of the general principles. The writer is of the opinion that the objective test should be applied to determine the nature of the accrual amount in terms of section 24J. The accrual amount will include a proportional amount of the discount. The objective test should be applied irrespective of whether the debenture is held until redemption or transferred before redemption. The provisions of section 24J should be applied before the capital gain or capital loss is determined in terms of the Eight Schedule to the Income Tax Act. The proceeds from disposal must be reduced by any amount of the proceeds that was included in gross income or taken into account in determining the taxable income of a person. The base cost of a debenture acquired at a premium must be reduced by the amount of the premium that was allowed as a deduction in determining the taxable income of the holder of a debenture. / AFRIKAANSE OPSOMMING: In hierdie studie word die inkomstebelastinggevolge van die verkryging van 'n skuldbrief teen 'n diskonto ondersoek. Die doel van hierdie studie is am te bepaal of die opbrengs met die aflossing en verkoop van sodanige skuldbrief van 'n inkomste- of kapitale aard is. Een van die gebruiklikste metodes vir 'n maatskappy am langtermynleningsfondse te bekom, is deur die uitreiking van skuldbriewe. Skuldbriewe kan teen 'n diskonto uitgereik word. Daar bestaan "n algemene onsekerheid in die beskikbare literatuur met betrekking tot die inkomstebelastinggevolge van "n skuldbrief wat teen "n diskonto verkry is. Artikel 24J van die Inkomstebelastingwet sluit spesifiek 'n diskonto by die omskrywing van "rente" in. Die Inkomstebe/astingwet bevat egter nie 'n algemene omskrywing van die woorde "rente" en "diskonto" nie. Die gebrek aan 'n statutere omskrywing van bogenoemde woorde dra by tot die onsekerheid van die inkomstebelastinggevolge van die aflossing of verkoop van 'n skuldbrief. Die skrywer oorweeg die volgende: (a) die inkomste- of kapitale aard van die opbrengs met aflossing en verkoop van "n skuldbrief; (b) die bepalings van artikel 24J van die Inkomstebelastingwet; en (c) die bepalings van die kapitaalwinsbelasting-wetgewing. Ten einde die inkomste- of kapitale aard van die opbrengs met aflossing en verkoop van 'n skuldbrief te bepaal, word die volgende aspekte bespreek: • Die eienskappe van 'n skuldbrief vanuit "n ekonomiese- en regsoogpunt. Die faktore wat die waarde van die diskonto van "n skuldbrief be'invloed, word vanuit In ekonomiese oogpunt oorweeg. • Die riglyne wat algemeen ter sprake is by die bepaling van die inkomste- of kapitale aard van toevallings. Daar word spesifiek na die riglyne soos deur die Suid-Afrikaanse geregshowe neergele, verwys. In Onderskeid word kortliks getref tussen die riglyne wat vereis dat In belastingpligtige se doel met betrekking tot In bate vasgestel word en daardie riglyne wat onafhanklik van In belastingpligtige se doel toegepas word, • Die algemene riglyne word op die opbrengs met aflossing en verkoop van In skuldbrief toegepas. Die gewone betekenis van rente asook die betekenis van rente ingevolge die Inkomstebelastingwet word oorweeg. Die verband tussen In diskonto en rente word ondersoek. Engelse, Australiese en Kanadese regspraak word oorweeg. Die skrywer kom tot die gevolgtrekking dat In diskonto wat met die aflossing van In skuldbrief realiseer, rente van aard is. In Diskonto wat met aflossing realiseer is In bedrag voortgebring deur kapitaal produktief aan te wend en dus nie van In kapitale aard nie. In Opbrengs met die oordrag van In skuldbrief is nie van In kapitale aard nie indien dit verkry is uit die beoefening van In besigheidshandeling in die uitvoering van In skema van winsbejag. Die skrywer is van mening dat artikel 24J die toepassing van die algemene riglyne be'invloed. Die skrywer is van mening dat die objektiewe riglyn toegepas moet word am die aard van toevallingsbedrae soos ingevolge. artikel 24J bereken vas te stel. In Toevallingsbedrag sluit In proporsionele gedeelte van In diskonto in. Die objektiewe riglyn moet toegepas word ongeag of 'n skuldbrief tot op die aflosdatum gehou word of daarvoor oorgedra word. Die bepalings van artikel 24J moet toegepas word voordat die kapitaalwins of - verlies ingevolge die Agtste Bylae bereken word. Die opbrengs moet verminder word met enige bedrag wat by bruto inkomste ingesluit word of in ag geneem word by die vasstelling van belasbare inkomste. Die basiskoste van 'n skuldbrief wat teen 'n premie verkry is moet aangepas word met die bedrag van die premie wat reeds in ag geneem is am die belasbare inkomste van die houer van 'n skuldbrief te bepaal.

Thesis (LL.M.) -- University of Stellenbosch, 2001. / ENGLISH ABSTRACT: With the arrival of the Internet, the availability of pornography, and especially child pornography, has increased tremendously. This rapidly developing technological wonderworld has brought the dark syndicate of sexual exploitation of children to the living room of each home equipped with a computer. In South Africa the right of the child to not be sexually exploited or abused is enshrined in section 28 of the Constitution, 108 of 1996, as well as in several international documents. This thesis analyses the legislative framework in this regard and comes to the conclusion that South African legislation concerned shows much room for improvement. Legislation concerning sexual offences against children makes use of archaic terms that are outdated in the present context. It is also vague, inconsistent and provides insufficient protection to children in this regard. The sexual exploitation of children does not, despite promises made by the South African government in ratifying several international documents, receive high priority in the South African community. This finding is made in view of the examination of certain key concepts to the subject, international documents such as the United Nations Convention to the Rights of the Child, 1989, and the activities of international organisations combating the sexual exploitation of the child. An analysis of the manner in which countries such as the United States of America, Canada, the United Kingdom, Germany and Japan has implemented protection measures against this form of abuse, is also made. Proposals to increase the protection of children in South Africa are submitted in conclusion. Although this new domain needs urgent measures of regulation, it is not an impossible task to govern the Internet. Formulating comprehensive, consistent and effective legislation is a fundamental part in the battle against the sexual exploitation of children. The co-operation of all relevant sectors, including the government, the Internet industry and members of the community, however, remains essential. / AFRIKAANSE OPSOMMING: Die beskikbaarheid van pornografie, en veral kinderpornografie, het met die koms van die Internet onrusbarend toegeneem. Hierdie vinnig ontwikkelende tegnologiese wonderwereld het die seksuele eksploitasie van kinders vanuit die donker onderwereld na die voorkamer van elke huis met 'n rekenaar gebring. In Suid-Afrika word die reg van die kind om teen seksuele uitbuiting en mishandeling beskerm te word in artikel 28 van die Grondwet, 108 van 1996, asook verskeie internasionale dokumente verskans. Hierdie tesis ondersoek die wetgewende raamwerk rakende die groeiende probleem van seksuele eksploitasie op die Internet en vind dat Suid-Afrikaanse wetgewing in hierdie verband nog ver te kort skiet. Wetgewing met betrekking tot seksuele misdade teen kinders maak tans gebruik van arqaise terme wat glad nie meer in vandag se konteks relevant is nie. Dit is voorts ook onsamehangend, onduidelik en verskaf onvoeldoende beskerming aan kinders in hierdie verband. Ten spyte van beloftes deur die Suid-Afrikaanse regering, gemaak tydens die ratifisering van verskeie internasionale dokumente, geniet die aangeleentheid van beskerming van die kind teen seksuele uitbuiting op die Internet nog nie prioriteit in die Suid- Afrikaanse samelewing nie. Hierdie bevinding word gemaak in die lig van die bestudering van definisies van sekere kernbegrippe, internasionale dokumente soos die Verenigde Nasies se Konvensie van die Regte van die Kind, 1989, en die werksaamhede van internasionale organisasies bemoeid met die bekamping van seksuele eksploitasie van die kind. Daar word ook veral aandag gegee aan die wyse waarop lande soos die Verenigde State van Amerika, Kanada, die Verenigde Koninkryk, Duitsland en Japan te werk gegaan het om kinders in die onderskeie lande te beskerm. Voorstelle ten einde die beskerming van Suid-Afrikaanse kinders teen seksuele eksploitasie op die Internet te verbreed, word ter konklusie gegee. Alhoewel die nuwe terrein dringend regulering benodig, is dit nie In totaal onmoontlike taak om die Internet te kontroleer nie. Die formulering van omvattende, eenvormige en effektiewe wetgewing in die verband is In fundamentele proses in die stryd om kinders te beskerm. Die samewerking van relevante rolspelers en veral die regering, die Internet sektor en lede van die gemeenskap is egter van uiterste belang.

This research paper investigated whether there are any limitations or restraints in the Labour Relations Act 66 of 1995, which possible keeps an employer from outsourcing functions or parts of a business to a third party.

<p>This thesis examined to what extent the current legislation protects the HIV positive employee against unfair discrimination and dismissal. The study gave short medical background to HIV/AIDS and introduced HIV discrimination by giving the historical background to HIV related discrimination. From this, the extent of stigmatization against this group was introduced.</p>

No abstract available. / Thesis (LL.M.)-University of KwaZulu-Natal, Durban, 1999.

Section 20 of the Income Tax Act, No 58 of 1962 allows a taxpayer that has sustained an assessed loss to carry forward the balance of assessed loss and be set off against income earned in the future years. In addition, the loss sustained from one source may be set off the income from another. The assessed loss may be carried forward indefinitely, provided the taxpayer does not fall foul to a provision that restricts the continued use of the assessed loss. The taxpayer's right to retain, carry forward and utilise the assessed loss will be lost if: • The taxpayer's debt(s) are reduced or extinguished, without it being settled. • When a company cease trading. • Also in the case of a company, when income is channelled into it solely for the utilisation of the assessed loss. A recent amendment prevents certain individuals from setting off the assessed loss sustained in certain activities against the income of another. / Thesis (M.Com.)-University of KwaZulu-Natal, Westville, 2004.

LL.M. (Banking Law) / During the last ten years technology evolved to such an extent that it was inevitable that banks would have to adapt their traditional understanding and methods of banking. This led to banks introducing various products and services such as internet banking, mobile banking and emoney. The advantages of these products are being able to access your bank account on the go, within minutes, without having to go into the bank and having face-to-face interaction. These products are automated and computerised. This decreases the bank’s need for human capital and therefore the banks offer these services at lower charges than normal banking as we are accustomed to. Prima facie these new products seem like the ultimate banking experience, being able to effect payment to a creditor outside of banking hours from the comfort of your home with the push of a button and even at lower rates. This ease of use without face-to-face interaction, however, inevitably led to fraudsters entering the arena with easier methods at their disposal to defraud unsuspecting victims through various trojan horses and man-in-the-mirror techniques which do not require the fraudsters to alter the victim’s identity document in order to present it to the bank’s teller to withdraw the victim’s money. These attacks are highly advanced and the victim will normally not even know that an attack has been launched on his account. With these new methods of committing fraud, the legislature had to implement certain standards the banks have to adhere to in order to protect sufficiently the bank’s customer against these attacks and to avoid the customer suffering losses.

LL.M. / Please refer to full text to view abstract

M.Com. / Please refer to full text to view abstract