Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 (21 of 2015)

4   Amendment of assessments

Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment if:

(a) the assessment was made before the commencement of Schedule 3 (about CGT exemption for compensation and insurance) to this Act; and

(b) the amendment is made for the purpose of giving effect to that Schedule; and

(c) the amendment is made within 2 years after the day that Schedule commences.

Note: The 2-year period in paragraph (c) can be extended (see section 170A of the Income Tax Assessment Act 1936).