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  • What if 30 days to amend is not enough time?

    Deferring

    Section 388–55 COMMISSIONER MAY DERFER TIME FOR LODGMENT

    388–55(1) The Commissioner may defer the time within which an *approved form is required to be given to the Commissioner or to another entity.

    This Schedule of the Taxation Administration Act 1953 allows the Commissioner to defer the time for giving an approved form and this includes a deferral of the time to amend. The 30 days available can be extended whenever we decide it is fair and reasonable to do so. For example, we routinely allow deferrals where the number of amendments required to correct systemic reporting errors across many member accounts is substantial so that it understandably takes some time to organise and process.

    To seek this sort of deferral you need to email us at the usual SuperCRT@ato.gov.au address, providing details of the:

    • scale and impacts of the errors being corrected
    • cause of the delay, and
    • date you expect to be able to comply.

    Make sure the email comes from somebody authorised to act for the fund.

    If we don’t amend in the 30 days do we have to amend at all?

    Yes. The obligation to correct material errors (subsection 390–115(1)) is separate from the timing requirements (subsection 390–115(2) and section 388–55). After 30 days, or whatever additional time the Commissioner allows, the obligation to amend is still there to be satisfied – it is just that penalty for late lodgment of the statement begins to accrue.

      Last modified: 05 Apr 2018QC 42279