72First return deemed to be an assessment

72 First return deemed to be an assessment

Where: (a) at a particular time, a return under this Act in relation to an employer in relation to a year of tax is furnished; and (b) before that time, no return has been furnished, and no assessment has been made, in relation to the employer in relation to the year of tax; the following provisions have effect: (c) the Commissioner shall be deemed at that time to have made an assessment (in this section referred to as the deemed assessment) of: (i) the fringe benefits taxable amount (including a nil amount) of the employer of the year of tax; and (ii) the amount (including a nil amount) of tax payable on that fringe benefits taxable amount; being those respective amounts as specified in the return referred to in paragraph (a); (d) the return referred to in paragraph (a) shall be deemed to be a notice of the deemed assessment and to be under the hand of the Commissioner; (e) the notice referred to in paragraph (d) shall be deemed to have been served at that time on the person liable to pay the tax.