INCOME TAX ASSESSMENT ACT 1936
Where a return of income of a taxpayer of a year of income is furnished to the Commissioner (whether or not by the taxpayer), the Commissioner may, for the purposes of making an assessment in relation to the taxpayer under this Act, accept, either in whole or in part, a statement in the return of the assessable income derived by the taxpayer and of any allowable deductions or rebates to which it is claimed that the taxpayer is entitled and any other statement in the return or otherwise made by or on behalf of the taxpayer.
(a) that is relevant to the liability of the taxpayer in respect of the year of income; and
(b) on which the taxpayer is not entitled to apply for a private ruling under Division 359 in Schedule 1 to the Taxation Administration Act 1953 ;
the Commissioner must give attention to that question.
In determining whether an assessment is correct, any determination, opinion or judgment of the Commissioner made, held or formed in connection with the consideration of an objection against the assessment shall be deemed to have been made, held or formed when the assessment was made.