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).
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
