Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 292.320

Later amendments--fraud or evasion

             (1)  If:

                     (a)  a person (or a * superannuation provider covered under subsection (2)) does not make a full and true disclosure to the Commissioner of the information necessary for an * excess non-concessional contributions tax assessment for the person for a * financial year; and

                     (b)  in making the assessment, the Commissioner makes an under-assessment; and

                     (c)  the Commissioner is of the opinion that the under-assessment is due to fraud or evasion;

the Commissioner may amend the assessment at any time.

             (2)  A * superannuation provider is covered under this subsection if any of the following conditions are satisfied:

                     (a)  contributions have been made to a * superannuation plan of the provider on behalf of the person in the * financial year;

                     (b)  an amount is included in the person's * concessional contributions for the financial year under subsection 291-25(3) because the superannuation provider allocated it to the person;

                     (c)  * notional taxed contributions are included in the person's concessional contributions for the financial year under section 291-165 because of the person's * defined benefit interest in a superannuation plan of the provider.



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