Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 292.320

  (1)   If:

  (a)   a person (or a * superannuation provider covered under subsection   (2)) does not make a full and true disclosure to the Commissioner of the information necessary for an * excess non - concessional contributions tax assessment for the person for a * financial year; and

  (b)   in making the assessment, the Commissioner makes an under - assessment; and

  (c)   the Commissioner is of the opinion that the under - assessment is due to fraud or evasion;

the Commissioner may amend the assessment at any time.

  (2)   A * superannuation provider is covered under this subsection if any of the following conditions are satisfied:

  (a)   contributions have been made to a * superannuation plan of the provider on behalf of the person in the * financial year;

  (b)   an amount is included in the person's * concessional contributions for the financial year under subsection   291 - 25(3) because the superannuation provider allocated it to the person;

  (c)   * notional taxed contributions are included in the person's concessional contributions for the financial year under section   291 - 165 because of the person's * defined benefit interest in a superannuation plan of the provider.