A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 6   Shorter period of review (SPOR) taxpayers

Part 1   Income Tax Assessment Act 1936

5   Paragraphs 170(2)(a) and (b)

Repeal the paragraphs, substitute:

(a) if the Commissioner is of the opinion that the avoidance of tax is due to fraud or evasion - at any time; or

(b) if paragraph (a) does not apply, the taxpayer is a relevant entity within the meaning of Division 1B of Part VI and the assessment is taken by section 166A to have been made - within 4 years after the day on which the assessment is so taken to have been made; or

(c) if neither paragraph (a) nor (b) applies and the taxpayer is not a SPOR taxpayer for the year of income to which the assessment relates - within 4 years after the day on which tax became due and payable under the assessment; or

(d) if neither paragraph (a) nor (b) applies and the taxpayer is a SPOR taxpayer for the year of income to which the assessment relates - within 2 years after the day on which tax became due and payable under the assessment;