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

6   Subsection 170(3)

Repeal the subsection, substitute:

(3) An amendment effecting a reduction in a taxpayer's liability under an assessment is not to be made:

(a) if 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 - after the end of 4 years after the day on which the assessment is so taken to have been made; or

(b) if paragraph (a) does not apply and the taxpayer is not a SPOR taxpayer for the year of income to which the assessment relates - after the end of 4 years after the day on which tax became due and payable under the assessment; or

(c) if paragraph (a) does not apply and the taxpayer is a SPOR taxpayer for the year of income to which the assessment relates - after the end of 2 years after the day on which tax became due and payable under the assessment.