Income Tax Regulations 1936 (Repealed)

PART 4 - 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.

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.

View history note

History

Reg 20 amended by SLI No 79 of 2015, reg 4 and Sch 1 item 1, by inserting table item 9, effective 2 June 2015.

Reg 20 amended by SLI No 7 of 2010, reg 3 and Sch 1 item 2, by substituting table item 4, effective 1 July 2009. Table item 4 formerly read:

Item Provision Circumstance

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) there has been a transaction involving:

(i) a company; and

(ii) a shareholder or option holder of the company;

(b) for the purposes of section 139DF of the Act (certain shares and rights not qualifying), the predominant business of the company (whether or not stated in its constituent documents) is the acquisition, sale or holding of shares, securities or other investments (whether directly or indirectly through one or more companies, partnerships or trusts);

(c) section 139DF of the Act affects the tax status of employee shares, or rights to acquire employee shares, in the hands of the employee;

(d) the company is not a small business entity in relation to which item 2 or 3 of subsection 170(1) of the Act applies.

Reg 20 amended by SLI No 176 of 2007, reg 3 and Sch 1 item 1, by substituting " a small business entity " for " an STS taxpayer " in para (d) of table item 4, effective 27 June 2007 and applicable to assessments for the 2007-2008 income year and later income years.

Reg 20 inserted by SLI No 166 of 2006, reg 3 and Sch 1 item 1, effective 26 June 2006.

Reg 20 (formerly reg 13) omitted by SR No 289 of 2001 and renumbered by SR No 192 of 1990.

Reg 20(1) (formerly reg 13(1)) amended by SR No 416 of 1984.

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