Category: Section 60 (ITA) – Payment and assessment of the tax

Section 60

 

  1. Subsection (1) substituted by section 39 of Act 85 of 1974, section 46 of Act 60 of 2001 and section 271 of Act 28 of 2011 effective on 1 October 2012.

 

  1. Subsection (2) substituted by section 28 of Act 90 of 1988.

 

  1. Subsection (4) substituted by section 271 of Act 28 of 2011 effective on 1 October 2012.

Section 60 (ITA) – Payment and assessment of the tax

Posted on by admin_kmos

60.    Payment and assessment of the tax

(1)     Donations tax shall be paid to the Commissioner by the end of the month following the month during which a donation takes effect or such longer period as the Commissioner may allow from the date upon which the donation in question takes effect.

(2)     Where a donor has during the year of assessment disposed of property under more than one donation in respect of which an exemption may be applicable under the provisions of section 56 (2) (a) or (b), the amount to be exempted in respect of any such donation shall be calculated according to the order in which such donations took effect.

(3)     Where a donor has disposed of property under more than one donation on the same date those donations shall for the purpose of determining the tax payable in respect of each donation be deemed to have taken effect –

(a)     in such order as the donor may elect; or

(b)     if the donor fails to make an election within fourteen days after having been called upon by the Commissioner to do so, in such order as the Commissioner may determine.

(4)     The payment of the tax in terms of subsection (1) shall be accompanied by a return.

(5)     The Commissioner may, in accordance with Chapter 8 of the Tax Administration Act, at any time assess either the donor or the donee or both the donor and the donee for the amount of donations tax payable or, where the Commissioner is satisfied that the tax payable under this Part has not been paid in full, for the difference between the amount of the tax payable and the amount paid, but the payment by either of those parties of the amount payable under such assessment shall discharge the joint obligation.

[Sub­section (5) substituted by section 5 of Act 33 of 2019]