Income Tax Assessment Act 1936
If the circumstances set out in column 2 of the following table apply to a taxpayer in relation to the 2003-04 year of income (a nil year ) or an earlier year of income (also a nil year ), the Commissioner cannot make an original assessment for that taxpayer for that year in the circumstances set out in column 3:
| Making assessments | ||
| Column 1 | Column 2 | Column 3 |
| Item | In this case: | 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. |
Subsection (1) does not apply in relation to a nil year if:
(a) the Commissioner is of the opinion there has been fraud or evasion; or
(b) had the Commissioner made an assessment, in accordance with the taxpayer's return of income, that the taxpayer had no taxable income or that no tax was payable by the taxpayer (assuming that such an assessment could have been made) - this Act would not have prevented the Commissioner amending the assessment at any time.
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