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

Schedule 1   Assessments

Part 4   Consequential amendments

Division 1   SPOR taxpayer provisions

Income Tax Assessment Act 1936

24   Subsections 251R(6F) and (6FA)

Repeal the subsections, substitute:

(6F) Subsection (6D) does not apply, and is taken never to have applied, if the first person fails to retain the family agreement until the end of:

(a) 5 years beginning on the date of lodgment of the first person's return of income for the year of income concerned; or

(b) a shorter period determined by the Commissioner in writing for the first person; or

(c) a shorter period determined by the Commissioner by legislative instrument for a class of persons that includes the first person.

(6FA) A determination under paragraph (6F)(c) may specify different periods for different classes of taxpayers.