Taxation Laws Amendment (Self Assessment) Act 1992 (101 of 1992)

PART 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

20   Amendment of assessments

Section 170 of the Principal Act is amended:

(a) by inserting after subsection (1) the following subsection:

"(1A) If:

(a) an assessment has been amended in any particular in a way that effected a reduction in the liability of a taxpayer; and

(b) for the purposes of making the amendment, the Commissioner accepted a statement made by or on behalf of the taxpayer;

the Commissioner may, within 4 years from the service of the notice of the amended assessment, further amend the assessment in, or in respect of, that particular in a way that increases the liability of the taxpayer to the extent that the Commissioner considers necessary.";

(b) by inserting after subsection (5) the following subsection:

"(5A) Subsection (5) does not authorise the further amendment of an earlier further amendment of an assessment made under subsection (1A).".