Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
An entity that has made a statement (a withholding statement ) under section 389-5 notifying an amount under item 1, 2 or 2A of the table in subsection 389-5(1) (and no other item in that table) may correct the statement:
(a) within the period determined by the Commissioner under subsection (2); or
(b) if paragraph (a) does not apply but the entity is covered by a determination under subsection (5) - within the period specified in that determination.
The Commissioner may determine the period within which the entity may correct a withholding statement. 389-25(3)
The Commissioner must give the entity written notice of the determination. 389-25(4)
The entity may object, in the manner set out in Part IVC , against a decision of the Commissioner determining a period under subsection (2) relating to the entity. Determinations for classes of entities 389-25(5)
The Commissioner may, by legislative instrument, determine the period within which entities included in a class of entities specified in the determination may correct a withholding statement.
Note: See section 3AA .
Chapter 5 - Administration
PART 5-25
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RECORD-KEEPING AND OTHER OBLIGATIONS RELATING TO TAXPAYERS
Division 389
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Reporting by employers
Guide to Division 389
SECTION 389-25
GRACE PERIODS FOR CORRECTING FALSE OR MISLEADING NOTIFICATIONS
When notifications can be corrected
389-25(1)
An entity that has made a statement (a withholding statement ) under section 389-5 notifying an amount under item 1, 2 or 2A of the table in subsection 389-5(1) (and no other item in that table) may correct the statement:
(a) within the period determined by the Commissioner under subsection (2); or
(b) if paragraph (a) does not apply but the entity is covered by a determination under subsection (5) - within the period specified in that determination.
Note:
Correcting the statement can protect the person from liability for a false or misleading withholding statement: see subsections 8K(2A) , 8N(2) and 284-75(8) .
Determinations for particular entities
389-25(2)
The Commissioner may determine the period within which the entity may correct a withholding statement. 389-25(3)
The Commissioner must give the entity written notice of the determination. 389-25(4)
The entity may object, in the manner set out in Part IVC , against a decision of the Commissioner determining a period under subsection (2) relating to the entity. Determinations for classes of entities 389-25(5)
The Commissioner may, by legislative instrument, determine the period within which entities included in a class of entities specified in the determination may correct a withholding statement.
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