Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.350

    Despite section   276 - 345, an * AMIT does not have an * under or an * over of a particular character for an income year (the base year ) if:

  (a)   assuming the Commissioner made an assessment of the * trust component of that character on the day on which the document stating the AMIT's * determined trust component of that character for the base year was created; and

  (b)   assuming the assessment had not been amended at the discovery time mentioned in subsection   276 - 345(2) for the under or over;

section   170 of the Income Tax Assessment Act 1936 would prevent the assessment from being amended to take account of the under or over.

Note:   Section   170 of the Income Tax Assessment Act 1936 specifies the usual period within which assessments may be amended.