Tax Laws Amendment (Improvements to Self Assessment) Act (No. 2) 2005 (161 of 2005)
Schedule 1 Assessments
Part 4 Consequential amendments
Division 1 SPOR taxpayer provisions
Income Tax Assessment Act 1936
24 Subsections 251R(6F) and (6FA)
Repeal the subsections, substitute:
(6F) Subsection (6D) does not apply, and is taken never to have applied, if the first person fails to retain the family agreement until the end of:
(a) 5 years beginning on the date of lodgment of the first person's return of income for the year of income concerned; or
(b) a shorter period determined by the Commissioner in writing for the first person; or
(c) a shorter period determined by the Commissioner by legislative instrument for a class of persons that includes the first person.
(6FA) A determination under paragraph (6F)(c) may specify different periods for different classes of taxpayers.