“document” means anything that contains a written, sound or pictorial record, or other record of information, whether in physical or electronic form;

“asset” includes-

 

(a)     property of whatever nature, whether movable or immovable, corporeal or incorporeal; and

 

(b)     a right or interest of whatever nature to or in the property;

“effective date” is the date described in section 187(3), (4) and (5) of this Act, or the date from when interest is otherwise calculated under a tax Act;

“additional assessment” is an assessment referred to in section 92;

“Estate Duty Act” means the Estate Duty Act, 1955 (Act No. 45 of 1955);

“administration of a tax Act” has the meaning assigned in section 3(2);

“fair market value” means the price which could be obtained upon a sale of an asset between a willing buyer and a willing seller dealing at arm’s length in an open market;

“administrative non-compliance penalty” has the meaning assigned in section 208;

“income tax” means normal tax referred to in section 5 of the Income Tax Act;

“assessment” means the determination of the amount of a tax liability or refund, by way of self-assessment by the taxpayer or assessment by SARS;