20Amendment of assessments for an income year

#### 20 Amendment of assessments for an income year For a provision of subsection 170(1) of the Act mentioned in an item of the table, the circumstances set out in the item are prescribed. > Note: If a circumstance in an item of the table exists, the Commissioner of Taxation may amend an assessment of the taxpayer within 4 years after the day on which the Commissioner gives notice of the assessment to the taxpayer, unless a longer amendment period applies to the taxpayer. | Item | Provision | Circumstance | | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | 1 | Paragraph (f) of item 1 of the table in subsection 170(1)Paragraph (e) of item 2 of the table in subsection 170(1)Paragraph (d) of item 3 of the table in subsection 170(1) | All of the following exist:(a) there has been a transaction involving associates (within the meaning of section 318 of the Act), that has income tax consequences, in the year of income mentioned in the item;(b) the parties were not dealing with each other at arm’s length in relation to the transaction;(c) the period during which the Commissioner may amend an assessment in relation to one of the parties is at least 4 years. | | 2 | Paragraph (f) of item 1 of the table in subsection 170(1)Paragraph (e) of item 2 of the table in subsection 170(1)Paragraph (d) of item 3 of the table in subsection 170(1) | All of the following exist:(a) a private company is taken to have paid a dividend to an entity, as described in section 109C, 109D, 109E or 109F of the Act, in the year of income mentioned in the item;(b) the entity is:(i) a shareholder of the company; or(ii) an associate of a shareholder of the company; or(iii) a former shareholder of the company; or(iv) an associate of a former shareholder of the company;(c) the period during which the Commissioner may amend an assessment in relation to the company is at least 4 years. | | 3 | Paragraph (f) of item 1 of the table in subsection 170(1)Paragraph (d) of item 3 of the table in subsection 170(1) | All of the following exist:(a) the effect of section 109XB of the Act is that an amount is included as a dividend in the assessable income of a taxpayer as described in subsection 109XA(1), (2) or (3) of the Act in the year of income mentioned in the item;(b) the matter involves a taxpayer who is:(i) a shareholder of a company; or(ii) an associate of a shareholder of a company;(c) the period during which the Commissioner may amend an assessment in relation to both the trust and the company is at least 4 years. | | 4 | Paragraph (f) of item 1 of the table in subsection 170(1)Paragraph (e) of item 2 of the table in subsection 170(1)Paragraph (d) of item 3 of the table in subsection 170(1) | All of the following exist in the year of income mentioned in the item:(a) a taxpayer has acquired an ESS interest;(b) subsection 83A‑35(5) of the Income Tax Assessment Act 1997 (integrity rule about share trading and investment companies) did not apply to the ESS interest;(c) the entity that provided the ESS interest to the taxpayer is not a small business entity in relation to which item 2 or 3 of the table in subsection 170(1) of the Act applies. | | 5 | Paragraph (f) of item 1 of the table in subsection 170(1)Paragraph (e) of item 2 of the table in subsection 170(1)Paragraph (d) of item 3 of the table in subsection 170(1) | Both of the following exist in the year of income mentioned in the item:(a) the taxpayer has not identified income (ordinary or statutory) from one or more foreign transactions for the purposes of, or in the course of, an assessment;(b) the income has not been received from a resident investment vehicle within the meaning of the Income Tax Assessment Act 1997. | | 6 | Paragraph (f) of item 1 of the table in subsection 170(1)Paragraph (e) of item 2 of the table in subsection 170(1)Paragraph (d) of item 3 of the table in subsection 170(1) | Both of the following exist in the year of income mentioned in the item:(a) subsection 345(5) of the Act (transfer under a scheme) may be applicable to the taxpayer;(b) not all of the relevant information regarding the application of that subsection can be obtained from a resident investment vehicle within the meaning of the Income Tax Assessment Act 1997. | | 7 | Paragraph (f) of item 1 of the table in subsection 170(1) | Both of the following exist in the year of income mentioned in the item:(a) paragraph 448(1A)(f) of the Act (provision of services under a scheme) may be applicable to the taxpayer; | | | Paragraph (e) of item 2 of the table in subsection 170(1)Paragraph (d) of item 3 of the table in subsection 170(1) | (b) not all of the relevant information regarding the application of that paragraph can be obtained from a resident investment vehicle within the meaning of the Income Tax Assessment Act 1997. | | 8 | Paragraph (f) of item 1 of the table in subsection 170(1)Paragraph (e) of item 2 of the table in subsection 170(1)Paragraph (d) of item 3 of the table in subsection 170(1) | Any of the following provisions applies in relation to the taxpayer in the year of income mentioned in the item:(a) section 45A of the Act (streaming of dividends and capital benefits);(b) section 45B of the Act (schemes to provide certain benefits);(c) subsection 102AE(7) of the Act (excluded income for minors);(d) section 177E of the Act (stripping of company profits);(e) section 177EA of the Act (franking debit creation and franking credit cancellation schemes);(f) Division 270 of Schedule 2F to the Act (scheme to take advantage of deductions); | | | | (g) subsection 26‑50(7) of the Income Tax Assessment Act 1997 (expenses for a leisure facility or boat);(h) any of sections 165‑180 to 165‑205 (rules affecting the operation of tests for changing ownership of a company), and Division 175 (use of a company’s tax losses or deductions to avoid income tax), of the Income Tax Assessment Act 1997;(i) Subdivision 207‑F of the Income Tax Assessment Act 1997 (cancellation of gross‑up or tax offset where the imputation system has been manipulated). | | 9 | Paragraph (f) of item 1 of the table in subsection 170(1) | The making of an election under paragraph 96‑7(1)(a) or (b) in Schedule 1 to the Taxation Administration Act 1953 in relation to an excess non‑concessional contributions determination for a financial year that corresponds to the year of income mentioned in the item. |