New International Tax Arrangements (Foreign-owned Branches and Other Measures) Act 2005 (64 of 2005)

Schedule 4   Cross border employee shares or rights

Part 1   Amendments

Income Tax Assessment Act 1936

17   At the end of Subdivision D of Division 13A of Part III

Add:

139DG Amendment of assessments to account for reductions of amounts included in assessable income

(1) If:

(a) an amount has been included in a taxpayer's assessable income of a particular year of income; and

(b) that amount is reduced or increased because of a change in the extent (if any) of the application of section 23AF or 23AG or subsection 139B(1A) in relation to the amount during a subsequent year of income;

section 170 does not prevent the amendment of an assessment, for the purpose of giving effect to the reduction or increase, at any time during the period of 4 years starting immediately after the income year during which the period of employment or service relating to the acquisition of the share or right in question ends.

(2) In paragraph (1)(b):

(a) the reference to an amount being reduced includes a reference to the amount being reduced to a nil amount; and

(b) the reference to an amount being increased includes a reference to the amount being increased from a nil amount.