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The Commissioner can amend assessments of income tax within a certain period of time. Generally for small businesses this is 2 years after the notice of assessment. But it can be longer in a range of circumstances.
Those circumstances have been extended to now include where the taxpayer has 10 or more connected entities or affiliates.
This could capture complicated groups which have multiple entities, or even multiple tax law partnerships resulting from jointly owned investment properties.
The extended circumstances apply to assessments made on or after 10 December 2022 that relate to income years commencing on or after 1 July 2021 (so generally the 2022 income year).
For further information refer to:
- Income Tax Assessment Act 1936 – Section 170 (Income Tax Assessment Act 1936)
- Consolidated regulation – Regulation 14 (Income Tax Assessment (1936 Act) Regulation 2015)
- Amending regulation – Entire regulation (Income Tax Assessment (1936 Act) Amendment (Period of Review) Regulations 2022)