Thesis (MAcc)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: The use of derivative instruments, including single-stock futures, experienced
unprecedented growth over the last twenty years. South Africa, like the rest of the world, is
still experiencing extraordinary growth in the trading of these instruments. The taxation of
these transactions, therefore, are of increasing practical importance.
Despite this unprecedented growth, the South African tax policy makers have neglected
the tax treatment of these instruments to a large extent. Due to the lack of specific
legislative provisions regulating the tax aspects of these instruments, the general
principles of the South African income tax law have to be applied. This gives rise to
conflicting opinions regarding the tax treatment of these instruments, primarily as a result
of the fact that these principles were developed long before the widespread use of
derivative instruments. The lack of relevant case law in this regard is also problematic.
This results in great uncertainty surrounding the tax treatment of profits from single stock
futures.
This research paper applies the general principles of the South African income tax law in
order to determine when these profits accrue to the taxpayer and to determine the nature
thereof. The introduction of capital gains tax has added yet a further dimension to the
taxation of these instruments and is also considered. This research paper also considers
the income tax treatment of similar instruments in Australia in order to identify useful
principles that may be applied within a South African context.
In light of the increasing volume and value of derivative transactions, it is imperative that
clarity regarding the taxation of these transactions be obtained as soon as possible. Any
reform and revised tax rules need to provide certainty to the taxpayer while remaining
flexible enough to ensure that future changes in the ever-changing financial instruments
environment are accommodated. / AFRIKAANSE OPSOMMING: Die gebruik van afgeleide instrumente, waaronder enkel-aandeeltermynkontrakte, het die
afgelope twintig jaar ongekende groei beleef. Suid-Afrika, net soos die res van die wêreld,
beleef steeds buitengewone groei in die verhandeling van hierdie instrumente. Die
belasbaarheid van hierdie transaksies is gevolglik van toenemende praktiese belang.
Ten spyte van hierdie ongekende groei, het die belastingbeleidmakers in Suid-Afrika tot ’n
groot mate die belastinghantering van hierdie instrumente verwaarloos. Vanweë die
gebrek aan spesifieke wetlike bepalings wat die belastingaspekte van laasgenoemde
reguleer, moet die algemene beginsels van die Suid-Afrikaanse inkomstebelastingreg op
hierdie instrumente toegepas word. Dié beginsels is egter reeds lank voor die
wydverspreide gebruik van afgeleide instrumente ontwikkel en lei tot teenstrydige menings
rondom die belastinghantering van hierdie instrumente. Die gebrek aan toepaslike
regspraak in hierdie verband is ook problematies. Daar heers gevolglik groot onsekerheid
oor die inkomstebelastinghantering van winste verdien uit enkel-aandeeltermynkontrakte.
Hierdie navorsingswerkstuk pas die algemene beginsels van die Suid-Afrikaanse
inkomstebelastingreg toe ten einde die tydstip waarop dié winste aan die belastingpligtige
toeval en die aard daarvan te bepaal. Die inwerkingtreding van kapitaalwinsbelasting het
nog 'n verdere aspek aan die belasbaarheid van hierdie instrumente toegevoeg en word
ook oorweeg. Die navorsingswerkstuk oorweeg ook die inkomstebelastinghantering van
soortgelyke instrumente in Australië ten einde nuttige beginsels te identifiseer wat binne
Suid-Afrikaanse konteks toegepas kan word.
Indien ag geslaan word op die toename in die aantal en waarde van transaksies in
afgeleide instrumente, is dit noodsaaklik dat duidelikheid rakende die belasbaarheid
daarvan so spoedig doenlik verkry word. Enige hervorming en hersiende belastingreëls
moet sekerheid aan die belastingpligtige verskaf, maar moet terselfdetyd buigsaam
genoeg wees om ruimte te skep vir toekomstige veranderinge binne die snelgroeiende
finansiële instrumente-omgewing.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/19993 |
| Date | 03 1900 |
| Creators | Engelbrecht, Bruwer Christo |
| Contributors | Van Schalkwyk, Christiaan Jacobus, Stellenbosch University. Faculty of Economic and Management Sciences. Dept. of Accountancy. |
| Publisher | Stellenbosch : Stellenbosch University |
| Source Sets | South African National ETD Portal |
| Language | af_ZA |
| Detected Language | Unknown |
| Type | Thesis |
| Format | 145 p. |
| Rights | Stellenbosch University |
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