“understatement” means any prejudice to SARS or the fiscus as a result of-

(a)     failure to submit a return required under a tax Act or by the Commissioner;

[Paragraph (a) substituted by section 22 of Act 22 of 2018]

(b)     an omission from a return;

(c)     an incorrect statement in a return;

(d)     if no return is required, the failure to pay the correct amount of “tax”; or

(e)     an “impermissible avoidance arrangement.

[Definition of “understatement” amended by section 74 of Act 39 of 2013 and substituted by section 61 of Act 16 of 2016 effective on 19 January 2017]