Income Tax Regulations 1936 (Repealed)
PART 4
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RETURNS AND ASSESSMENTS
REGULATION 20
20
AMENDMENT OF ASSESSMENTS FOR AN INCOME YEAR
For a provision of subsection 170(1) of the Act mentioned in an item of the table, the circumstances set out in the item are prescribed.
View history note
Hide history noteFor a provision of subsection 170(1) of the Act mentioned in an item of the table, the circumstances set out in the item are prescribed.
Note:
If a circumstance in an item of the table exists, the Commissioner of Taxation may amend an assessment of the taxpayer within 4 years after the day on which the Commissioner gives notice of the assessment to the taxpayer, unless a longer amendment period applies to the taxpayer.
| Item | Provision | Circumstance | |
| 1 | Paragraph (f) of item 1 of the table in subsection
170(1)
Paragraph (e) of item 2 of the table in subsection 170(1) Paragraph (d) of item 3 of the table in subsection 170(1) |
All of the following exist: | |
| (a) | there has been a transaction involving associates (within the meaning of section 318 of the Act), that has income tax consequences, in the year of income mentioned in the item; | ||
| (b) | the parties were not dealing with each other at arm ' s length in relation to the transaction; | ||
| (c) | the period during which the Commissioner may amend an assessment in relation to one of the parties is at least 4 years. | ||
| 2 | Paragraph (f) of item 1 of the table in subsection
170(1)
Paragraph (e) of item 2 of the table in subsection 170(1) Paragraph (d) of item 3 of the table in subsection 170(1) |
All of the following exist: | |
| (a) | a private company is taken to have paid a dividend to an entity, as described in section 109C , 109D , 109E or 109F of the Act, in the year of income mentioned in the item; | ||
| (b) | the entity is: | ||
| (i) | a shareholder of the company; or | ||
| (ii) | an associate of a shareholder of the company; or | ||
| (iii) | a former shareholder of the company; or | ||
| (iv) | an associate of a former shareholder of the company; | ||
| (c) | the period during which the Commissioner may amend an assessment in relation to the company is at least 4 years. | ||
| 3 | Paragraph (f) of item 1 of the table in subsection
170(1)
Paragraph (d) of item 3 of the table in subsection 170(1) |
All of the following exist: | |
| (a) | the effect of section 109XB of the Act is that an amount is included as a dividend in the assessable income of a taxpayer as described in subsection 109XA(1) , (2) or (3) of the Act in the year of income mentioned in the item; | ||
| (b) | the matter involves a taxpayer who is: | ||
| (i) | a shareholder of a company; or | ||
| (ii) | an associate of a shareholder of a company; | ||
| (c) | the period during which the Commissioner may amend an assessment in relation to both the trust and the company is at least 4 years. | ||
| 4 | Paragraph (f) of item 1 of the table in subsection
170(1)
Paragraph (e) of item 2 of the table in subsection 170(1) Paragraph (d) of item 3 of the table in subsection 170(1) |
All of the following exist in the year of income mentioned in the item: | |
| (a) | a taxpayer has acquired an ESS interest; | ||
| (b) | subsection 83A-35(5) of the Income Tax Assessment Act 1997 (integrity rule about share trading and investment companies) did not apply to the ESS interest; | ||
| (c) | the entity that provided the ESS interest to the taxpayer is not a small business entity in relation to which item 2 or 3 of the table in subsection 170(1) of the Act applies. | ||
| 5 | Paragraph (f) of item 1 of the table in subsection
170(1)
Paragraph (e) of item 2 of the table in subsection 170(1) Paragraph (d) of item 3 of the table in subsection 170(1) |
Both of the following exist in the year of income mentioned in the item: | |
| (a) | the taxpayer has not identified income (ordinary or statutory) from one or more foreign transactions for the purposes of, or in the course of, an assessment; | ||
| (b) | the income has not been received from a resident investment vehicle within the meaning of the Income Tax Assessment Act 1997 . | ||
| 6 | Paragraph (f) of item 1 of the table in subsection
170(1)
Paragraph (e) of item 2 of the table in subsection 170(1) Paragraph (d) of item 3 of the table in subsection 170(1) |
Both of the following exist in the year of income mentioned in the item: | |
| (a) | subsection 345(5) of the Act (transfer under a scheme) may be applicable to the taxpayer; | ||
| (b) | not all of the relevant information regarding the application of that subsection can be obtained from a resident investment vehicle within the meaning of the Income Tax Assessment Act 1997 . | ||
| 7 | Paragraph (f) of item 1 of the table in subsection
170(1)
Paragraph (e) of item 2 of the table in subsection 170(1) Paragraph (d) of item 3 of the table in subsection 170(1) |
Both of the following exist in the year of income mentioned in the item: | |
| (a) | paragraph 448(1A)(f) of the Act (provision of services under a scheme) may be applicable to the taxpayer; | ||
| (b) | not all of the relevant information regarding the application of that paragraph can be obtained from a resident investment vehicle within the meaning of the Income Tax Assessment Act 1997 . | ||
| 8 | Paragraph (f) of item 1 of the table in subsection
170(1)
Paragraph (e) of item 2 of the table in subsection 170(1) Paragraph (d) of item 3 of the table in subsection 170(1) |
Any of the following provisions applies in relation to the taxpayer in the year of income mentioned in the item: | |
| (a) | section 45A of the Act (streaming of dividends and capital benefits); | ||
| (b) | section 45B of the Act (schemes to provide certain benefits); | ||
| (c) | subsection 102AE(7) of the Act (excluded income for minors); | ||
| (d) | section 177E of the Act (stripping of company profits); | ||
| (e) | section 177EA of the Act (franking debit creation and franking credit cancellation schemes); | ||
| (f) | Division 270 of Schedule 2F to the Act (scheme to take advantage of deductions); | ||
| (g) | subsection 26-50(7) of the Income Tax Assessment Act 1997 (expenses for a leisure facility or boat); | ||
| (h) | any of sections 165-180 to 165-205 (rules affecting the operation of tests for changing ownership of a company), and Division 175 (use of a company ' s tax losses or deductions to avoid income tax), of the Income Tax Assessment Act 1997 ; | ||
| (i) | Subdivision 207-F of the Income Tax Assessment Act 1997 (cancellation of gross-up or tax offset where the imputation system has been manipulated). | ||
| 9 | Paragraph (f) of item 1 of the table in subsection 170(1) | The making of an election under paragraph 96-7(1)(a) or (b) in Schedule 1 to the Taxation Administration Act 1953 in relation to an excess non-concessional contributions determination for a financial year that corresponds to the year of income mentioned in the item. |
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