“year of assessment”, in relation to a registered person, means-

(a)     in the case of a natural person or trust, the period commencing on 1 March and ending on the last day of February of the following year; and

(b)     in the case of any other person—

(i)      the period commencing on 1 March 2010 and ending on the last day of the financial year in which that period falls; or

(ii)     the period commencing on the first day of that person’s financial year and ending on the last day of that financial year, and if any financial year begins on any day other than the first day of a month, that financial year is deemed to begin on the first day of that month.

[Paragraph (b) substituted by section 33(1) of Act 8 of 2010 deemed effective on 1 March, 2010]

(2)     Unless the context indicates otherwise, a word or expression to which a meaning has been assigned in the Royalty Act bears the meaning so assigned for purposes of this Act.

(3)     Unless the context indicates otherwise, a word or expression to which a meaning has been assigned in the Tax Administration Act, bears that meaning for purposes of this Act.

[Subsection (3) inserted by section 271 read with paragraph 183(e) of Sch. 1 of Act 28 of 2011]

“Tax Administration Act” means the Tax Administration Act, 2011 (Act 28 of 2011);

[Definition of “Tax Administration Act” inserted by section 271 read with paragraph 183(d) of Sch. 1 of Act 28 of 2011 and substituted by section 33(1)(d) of Act 16 of 2016 effective on 1 January, 2017 and applicable in respect of years of assessment commencing on or after that date]

“Royalty Act” means the Mineral and Petroleum Resources Royalty Act, 2008 (Act 28 of 2008);

[Definition of “Royalty Act” substituted by section 33(1)(c) of Act 16 of 2016 effective on 1 January, 2017 and applicable in respect of years of assessment commencing on or after that date]

“registered person” means a person that qualifies for registration in terms of section 2;

“financial year” means a financial year as defined in section 1 of the Income Tax Act;