Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-50 - CLIMATE CHANGE  

Division 421 - Hydrogen production tax incentive  

Subdivision 421-C - Other matters  

SECTION 421-85  

421-85   Period for amending assessments  

Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an entity ' s assessment for the purposes of giving effect to this Division for an income year if:

(a)    the Clean Energy Regulator:

(i) issues, or revokes, a * correction notice under section 421-40 ; or

(ii) makes an instrument under section 421-65 revoking a certification of a * production profile, with effect from a specified time (which may be different from the time when the instrument is made); and

(b)    as a result, there is a change to:

(i) whether the entity is entitled to a * hydrogen production tax offset for the income year; or

(ii) the amount of hydrogen production tax offset that the entity is entitled to for the income year; and

(c)    the amendment of the entity ' s assessment is made during the period of 4 years starting on the day when the Clean Energy Regulator issues or revokes the correction notice, or makes the instrument revoking the certification of the production profile (whichever applies).

Note:

Section 170 of the Income Tax Assessment Act 1936 specifies the periods within which assessments may be amended.