CTHRepealedLegislation
Income Tax Regulations 1936
20Amendment of assessments for an income year
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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. |