INCOME TAX ASSESSMENT ACT 1997 (ARCHIVE)
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Hide history noteSECTION 61-320 (ARCHIVE) Priority agreements 61-320(1)
A *priority agreement has no effect unless it is made on or before:
(a) the day on which the first *income tax return of any of the persons who made the agreement was lodged for the income year in respect of which the agreement was made; or
(b) such later day as the Commissioner allows.
61-320(2)
A *priority agreement has no effect, and is taken never to have had effect, if none of the persons who made the agreement retain the agreement for the period of 5 years starting on the day on which the agreement was made.
61-320(3)
If the *priority agreement is lost or destroyed and the Commissioner is satisfied that one of the persons who made the agreement has a document (the substitute priority agreement ) that:
(a) is a copy of the priority agreement; or
(b) properly records all the matters set out in the priority agreement and was in existence when the priority agreement was lost or destroyed;
the substitute priority agreement is taken, for the purposes of this Subdivision, to be, and to have been at all times after the priority agreement was lost or destroyed, the priority agreement.
61-320(4)
If:
(a) the *priority agreement is lost or destroyed; and
(b) the Commissioner is satisfied that the loss or destruction occurred because of circumstances beyond the control of the persons who made the agreement; and
(c) subsection (3) does not apply;
the agreement is not affected, and is taken never to have been affected, by subsection (2).
61-320(5)
Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment at any time for the purposes of giving effect to this section.
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