Treasury Laws Amendment (Income Tax Consolidation Integrity) Act 2018 (14 of 2018)

Schedule 1   Consolidation

Part 6   TOFA

Income Tax Assessment Act 1997

25   Application

(1) The amendments made by this Part apply in the same way as Part 2 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 applies.

Note: The application of the amendments made by Part 2 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 is set out in Part 3 of that Schedule.

(2) The Commissioner cannot amend an assessment of an entity for an income year in a particular way if:

(a) the entity lodged its income tax return for the income year before the 2013 budget time; and

(b) the Commissioner could not amend the assessment in that way if the amendments made by this Part and Part 7 were disregarded; and

(c) the entity has not requested the Commissioner to amend the assessment in that way.

(3) In this item:

2013 budget time means 7.30 pm, by legal time in the Australian Capital Territory, on 14 May 2013.