Review of Unlimited Amendment Periods in the Income Tax Laws – Discussion Paper

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On 22 August 2007 the Government announced the Review of Unlimited Amendment Periods in the Income Tax Laws and released a Treasury discussion paper which examines those provisions in the tax law that allow an indefinite time for the Commissioner of Taxation to amend taxpayers’ assessments to ensure the correct amount of tax has been paid.

The discussion paper advances recommendation 3.7 of the Review of Aspects of Income Tax Self Assessment by examining unlimited amendment periods and proposing to replace most of them with the standard amendment periods, fixed amendment periods, or amendment periods based on a contingent event.

Interested parties are invited to comment on the issues set out in the discussion paper. Submissions may be lodged electronically, by post or facsimile.

Submissions closing date:  19 October 2007

Address written submissions to:

General Manager
Tax System Review Division
The Treasury
Langton Crescent
PARKES ACT 2600

Fax: 02 6263 3860

Email: uap@treasury.gov.au.

Submissions will be made available to the public on the Treasury website unless you would like your comments to remain in confidence.

If you would like a hard copy of the discussion paper, please contact the project team on 02 6263 3379.

Documents Available:

 Acrobat (PDF)

 Microsoft Word (RTF)

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