Commonwealth Consolidated Acts

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Payment by trustee before 1 July 2011--limit on amendment of assessment

             (1)  This section applies if:

                     (a)  a trust becomes an AMIT for an income year; and

                     (b)  the trustee of the trust made a payment to an entity at a time before 1 July 2011.

             (2)  The Commissioner cannot amend the entity's assessment for the income year in which the payment was made in a particular way if:

                     (a)  the effect of the amendment would be to increase the entity's assessable income for that income year; and

                     (b)  the Commissioner could not amend the assessment in that way if the following provisions were in operation at the time the payment was made:

                              (i)  sections 104-107F, 104-107G and 104-107H of the Income Tax Assessment Act 1997 ;

                             (ii)  any other provision of that Act, to the extent that it relates to the operation of the provisions mentioned in subparagraph (i); and

                     (c)  the entity has not requested the Commissioner to amend the assessment in that way.

Table of sections

290-10      Directed termination payments not deductible etc.

290-15      Early balancers--deduction limits from end of 2006-2007 income year to 1 July 2007

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