A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 6   Shorter period of review (SPOR) taxpayers

Part 1   Income Tax Assessment Act 1936

7   Subsection 170(5)

Repeal the subsection, substitute:

(5) If an assessment has, under this section, been amended in any particular, the Commissioner may:

(a) if the taxpayer is not a SPOR taxpayer for the year of income to which the assessment relates - within 4 years after the day on which tax became due and payable under the amended assessment; or

(b) if the taxpayer is a SPOR taxpayer for the year of income to which the assessment relates - within 2 years after the day on which tax became due and payable under the amended assessment;

make, in or in respect of that particular, such further amendment of the assessment as, in the Commissioner's opinion, is necessary to effect such reduction in the taxpayer's liability under the assessment as is just.