52CRedetermination of amount payable

52C Redetermination of amount payable (1) Subject to subsection (4), the Commissioner may redetermine the amount payable by an agent after making: (a) a determination under section 52B(3); or (b) a redetermination under this section. (2) A redetermination may be made: (a) on the Commissioner's own initiative or on receipt of a written application made by the agent; and (b) on the basis of information the Commissioner has from any source. (3) A redetermination may: (a) confirm the earlier agent determination; or (b) increase the amount of the earlier agent determination; or (c) reduce the amount of the earlier agent determination (including reducing the amount of the earlier agent determination to nil); or (d) alter the earlier agent determination in any other way. (4) The Commissioner cannot redetermine the amount payable by an agent more than 5 years after the date on which the initial determination in relation to the agent was made under section 52B(3) unless: (a) the redetermination is necessary to give effect to a decision on an objection, review or appeal under Part 11 in relation to the initial agent determination; or

Taxation Administration Act 2007 27 (b) the agent failed to make a full and true disclosure of all the facts and circumstances affecting the agent's liability and, as a result, the liability was determined or redetermined at a lower amount than it should have been; or (c) the agent applied, in writing, for the redetermination within 5 years after the date of the initial determination.