12Amendment of assessments

#### 12 Amendment of assessments Application (1) This section applies if, after the making of an assessment of surcharge on a termination payment or termination payments made to or for a taxpayer in a financial year: (a) the taxpayer’s adjusted taxable income for the financial year is increased or reduced and the increase or reduction affects the taxpayer’s liability to pay the surcharge; or (b) the amount of the payment or the sum of the amounts of the payments is greater or less than the amount that was taken to be the amount of the payment or the sum for the purposes of the assessment. Commissioner may amend assessment (2) The Commissioner may amend the assessment to take account of any matter referred to in paragraph (1)(a) or (b). Amendment increasing surcharge (3) If, as a result of the amendment of the assessment, the amount of surcharge is increased, the amount of the increase is payable within one month after the day on which the assessment is amended. Amendment reducing surcharge (4) If, as a result of the amendment of the assessment, the amount of surcharge is reduced: (a) the amount by which the surcharge is reduced is taken never to have been payable; and (b) the Commissioner must: (i) refund the amount of any surcharge overpaid; or (ii) apply that amount against any liability of the taxpayer to the Commonwealth under this Act, and refund to the taxpayer any part of that amount not so applied. This section subject to section 11A (5) This section is subject to section 11A.