22Withdrawal of assessment

22 Withdrawal of assessment (1) The Commissioner may withdraw an assessment at any time within 5 years after the initial assessment, whether or not the amount of tax specified in the assessment has been paid. (2) If an assessment is withdrawn: (a) any tax paid in satisfaction, or purported satisfaction, of the tax liability to which the assessment related is to be refunded (or credited against any other tax liability of the taxpayer); and (b) if the withdrawn assessment is the subject of an objection, application for review or appeal under Part 11 – interest is to be allowed on the amount of the refund (or credit) on the same basis as would have been applicable if that amount had been required to be refunded as a result of the objection, review or appeal; and (c) a fresh assessment of the tax liability to which the withdrawn assessment related cannot be made more than 5 years after the date of the initial assessment of the tax liability unless it later appears that the assessment would not have been withdrawn if the taxpayer had made a full and true disclosure of all the facts and circumstances affecting the liability.

Taxation Administration Act 2007 12 Division 3 Notice of assessment etc.