Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 5   Loss carry back

Part 2   Ascertainment of totals of tax offset refunds

Division 1   Amendments relating to the 2012-13 income year

Income Tax Assessment Act 1936

16   Subsection 168(1)

Repeal the subsection, substitute:

(1) The Commissioner may at any time during any year, or after its expiration, make an assessment of:

(a) the taxable income derived (or that there is no taxable income) in that year or any part of it by any taxpayer; and

(b) the tax payable thereon (or that no tax is payable); and

(c) the total of the taxpayer's tax offset refunds for that year or that part of it (or that the taxpayer can get no such refunds).