The Administration
Certain Unlimited Amendment Periods Repealed
The Government will repeal over 100 provisions in the income tax law that currently provide the Commissioner with an unlimited period in which to amend an item in a taxpayer's income tax return. However, it is not clear from the Assistant Treasurer's media release of 12 May 2009 which provisions will be repealed.
The provisions are being repealed because the Government considers the Commissioner has sufficient time under the general amendments period provisions to review an assessment.
The changes will apply from the date of Royal Assent of the amending legislation.
Review of the Anti Avoidance Provisions
The Government will look to consolidate, streamline and improve the operation of the various anti tax avoidance provisions in the Tax Acts, including the general anti avoidance provision of Part IVA.
