Treasury Laws Amendment (2024 Tax and Other Measures No. 1) Act 2024 (135 of 2024)
Schedule 3 Self-amendments by small and medium businesses
Income Tax Assessment Act 1936
1 Subsection 170(1) (after table item 3)
Insert:
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3A |
The Commissioner may amend an assessment of an individual, a company or a person (in the capacity of a trustee of a trust estate) for a year of income within 4 years after the day on which the Commissioner gives notice of the assessment to the taxpayer if: (a) the individual, company or trust is a small business entity or a medium business entity for the year; and (b) the individual, company or trustee applies for an amendment in the approved form before the end of that 4 year period; and (c) the Commissioner could amend the assessment within 2 years under item 1, 2 or 3; and (d) the period within which the Commissioner could amend the assessment under item 1, 2 or 3 has ended. The Commissioner may amend the assessment to give effect to the decision on the application. |
This item is subject to items 5 and 6. |