Tax Laws Amendment (Improvements to Self Assessment) Act (No. 2) 2005 (161 of 2005)

Making assessments

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Item

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In this case:

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the position is:

1

The taxpayer's return of income for a nil year disclosed, or the Commissioner has given the taxpayer a notice for a nil year that stated, either of the following:

(a) the taxpayer had an amount of taxable income, and that no tax was payable;

(b) the taxpayer had no taxable income because the taxpayer's deductions equalled the taxpayer's assessable income;

and the taxpayer did not deduct a tax loss in the nil year

The Commissioner cannot make an original assessment for the taxpayer for the nil year after the later of the following:

(a) 31 October 2008;

(b) the period of 4 years beginning on the day on which the taxpayer lodged the taxpayer's return of income for the nil year.

2

The taxpayer's return of income for a nil year disclosed, or the Commissioner has given the taxpayer a notice for a nil year that stated, either of the following:

(a) the taxpayer had an amount of taxable income, and that no tax was payable;

(b) the taxpayer had no taxable income because the taxpayer's deductions equalled the taxpayer's assessable income;

and the taxpayer did deduct a tax loss in the nil year

The Commissioner cannot make an original assessment for the taxpayer for the nil year after the period of 6 years beginning on the later of the following:

(a) the day on which the taxpayer lodged the taxpayer's return of income for the 2004-05 year of income or, if the taxpayer is a member of a consolidated group at the end of that year of income, the day on which head company's return of income for that year of income is lodged;

(b) the day on which the taxpayer lodged the taxpayer's return of income for the nil year.

3

The taxpayer had a tax loss in a nil year, none of which has been carried forward to the 2004-05 year of income

The Commissioner cannot make an original assessment for the taxpayer for the nil year after the period of 6 years beginning on the later of the following:

(a) the day on which the taxpayer lodged the taxpayer's return of income for the 2004-05 year of income or, if the taxpayer is a member of a consolidated group at the end of that year of income, the day on which head company's return of income for that year of income is lodged;

(b) the day on which the taxpayer lodged the taxpayer's return of income for the nil year.

4

(a) the taxpayer had a tax loss in a nil year, some or all of which has been carried forward to the 2004-05 year of income; and

(b) the taxpayer or, if the taxpayer is a member of a consolidated group at the end of the 2004-05 year of income, the head company notifies the Commissioner, in the approved form, that the taxpayer or the head company had a tax loss in the nil year

The Commissioner cannot make an original assessment for the taxpayer for the nil year after the period of 6 years beginning on the later of the following:

(a) the day on which the Commissioner received the notification;

(b) the day on which the taxpayer lodged the taxpayer's return of income for the nil year.