Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 1   AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

Part 3   DIVIDEND IMPUTATION

53   After section 160ARH

Insert:

Deficit deferral tax return taken to be an assessment

"160ARHA. If, at a particular time (the 'return time'), a return (the 'deficit deferral tax return') under section 160AREA is lodged by a company, the following provisions have effect:

(a) the Commissioner is taken, at the return time, to have made an assessment (the 'deficit deferral tax assessment') of any deficit deferral tax payable by the company, being the amount as specified in the deficit deferral tax return;

(b) the deficit deferral tax return is taken to be a notice of the deficit deferral tax assessment and to be signed by the Commissioner;

(c) the notice of the deficit deferral tax assessment is taken to have been served on the company at the return time.".