83Amendment of assessments

83 Amendment of assessments

83 Amendment of assessments

(1) The Scheme Regulator may, at any time, amend an assessment by making the alterations or additions the Scheme Regulator thinks necessary to correct the assessment.

(2) The Scheme Regulator may amend an assessment for a compliance period whether or not the scheme participant has paid a shortfall penalty for the period.

(3) As soon as practicable after an assessment is amended, the Scheme Regulator must give written notice of the amended assessment to the scheme participant.

(4) The Scheme Regulator may revoke the cancellation of, and revive, a certificate surrendered in connection with an unamended assessment if, in the Scheme Regulator’s opinion, the scheme participant surrendered a greater number of certificates in connection with the assessment than was required to—

(a) meet the participant’s individual certificate target, or

(b) remedy a carried forward shortfall.

(5) When reviving surrendered certificates, the Scheme Regulator must revive the number of certificates the Scheme Regulator is satisfied are surplus to the number required to be surrendered in connection with the amended assessment.

(6) When selecting certificates to be revived, the Scheme Regulator must revive the certificates with the longest remaining period before expiry under the Act, Schedule 4A, clause 119.

(7) If there are insufficient certificates able to be revived under subsection (6), the Scheme Regulator may revive expired certificates for a period of no more than 12 months.

(8) An assessment may be amended under this section no later than one year after the date on which the assessment is taken to have been made under this division, unless—

(a) the Scheme Regulator is satisfied the amendment is required because of fraud or the giving of false or misleading information by a scheme participant, or

(b) the amendment was applied for by the participant.