Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment for the purpose of giving effect to this Division for an income year if:
(a) an event described in subsection (2) (an amendment event ) happens after the time you lodged your * income tax return for that year; and
(b) the amendment is made at any time during the period of 4 years starting immediately after the amendment event.
Note: Section 170 of that Act specifies the periods within which assessments may be amended.
(2) The following are amendment events:
(a) you pay an amount of * foreign income tax that counts towards your * tax offset for the year;
(b) there is an increase in an amount of foreign income tax you paid that counts towards your offset for the year;
(c) there is a reduction in an amount of foreign income tax you paid that counts towards your offset for the year.
Table of Subdivisions
Guide to Division 775
775 - A Objects of this Division
775 - B Realisation of forex gains or losses
775 - C Roll - over relief for facility agreements
775 - D Qualifying forex accounts that pass the limited balance test
775 - E Retranslation for qualifying forex accounts
775 - F Retranslation under foreign exchange retranslation election under Subdivision 230 - D