Taxation Laws Amendment Act (No. 2) 1993 (18 of 1993)

Schedule   AMENDMENTS OF ACTS

Income Tax Assessment Act 1936

Section   166A

Add at the end:

"(2) If Subdivision 1C of Part VI applies to the taxpayer for a year of income and the taxpayer lodges a return for that year, the following provisions apply:

(a) the Commissioner is deemed to have made an assessment of the taxable income or net income, and the tax payable on that income, equal to those respective amounts specified in the return;

(b) the assessment is deemed to have been made on the due date that applies under section 221AZT;

(c) on and after the day on which the Commissioner is deemed to have made the assessment, the return is deemed to be a notice of the deemed assessment:

(i) under the hand of the Commissioner; and

(ii) served on the taxpayer on the day on which the Commissioner is deemed to have made the assessment.".