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Exposure Draft Regulations for Consultation - Income Tax Amendment Regulations

Date:

Thursday, 10 November 2005

Content ID:

1021

Abstract:

The Treasurer announced on 16 December 2004 that, subject to regulations excluding certain categories of higher risk taxpayers, the Government would reduce the amendment periods for individuals and very small businesses from four years to two years for assessments for the 2004-05 and later income years.

(See the Treasurer’s Press Release 106 of 16 December 2004, Recommendations 26 and 28).

Draft regulations propose to specify three categories of exclusion from the two year period of review, namely for taxpayers:

  • involved in certain related-party transactions, where the amendment period for the other party is four years;
  • involved in certain transactions that require the provision or confirmation of information from overseas; and
  • to which certain specific anti-avoidance provisions in the tax laws apply.

Submission closing date: 15 December 2005

Address written comments to:

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

Fax: (02) 6263 3860

Email: selfassessment@treasury.gov.au

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Draft Regulations  37.23kb
Explanatory Notes  28.67kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Draft Regulations  180.21kb
Explanatory Notes  26.09kb

Related Items:

Tax Laws Amendment (Improvements to Self Assessment) Bill (No. 2) 2005 - 10/11/2005
A Bill for an Act to amend the law relating to taxation, and for related purposes.

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