389‑25 Grace periods for correcting fals389‑25 Grace periods for correcting false or misleading notifications

#### 389‑25 Grace periods for correcting false or misleading notifications When notifications can be corrected (1) An entity that has made a statement (a withholding statement) under section 389‑5 notifying an amount under item 1 or 2 of the table in subsection 389‑5(1) (and no other item in that table) may correct the statement: (a) within the period determined by the Commissioner under subsection (2); or (b) if paragraph (a) does not apply but the entity is covered by a determination under subsection (5)—within the period specified in that determination. > Note: Correcting the statement can protect the person from liability for a false or misleading withholding statement: see subsections 8K(2A), 8N(2) and 284‑75(8). Determinations for particular entities (2) The Commissioner may determine the period within which the entity may correct a withholding statement. (3) The Commissioner must give the entity written notice of the determination. (4) The entity may object, in the manner set out in Part IVC, against a decision of the Commissioner determining a period under subsection (2) relating to the entity. Determinations for classes of entities (5) The Commissioner may, by legislative instrument, determine the period within which entities included in a class of entities specified in the determination may correct a withholding statement. Division 2—Other amendments Income Tax Assessment Act 1997 2 Subsection 995‑1(1) (at the end of the definition of BAS provisions) Add: ; and (d) Division 389 in Schedule 1 to the Taxation Administration Act 1953. 3 Subsection 995‑1(1) Insert: > substantial employer has the meaning given by subsection 389‑5(6) in Schedule 1 to the Taxation Administration Act 1953. Taxation Administration Act 1953 4 After section 8AAZLGA Insert: