Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 222AGC

             (1)  If:

                     (a)  the Commissioner makes an estimate; and

                     (b)  the person liable or the person's trustee gives the Commissioner a statutory declaration that complies with section 222AGF; and

                     (c)  the declaration is to the effect that a specified amount is the unpaid amount of the liability to which the estimate relates; and

                     (d)  the specified amount is less than the unpaid amount of the estimate;

the amount of the estimate is reduced by the amount by which the unpaid amount of the estimate (immediately before the reduction) exceeds the specified amount.

Note 1:       The effect of subsection (1) is to reduce the unpaid amount of the estimate to the specified amount.

Note 2:       Sections 222AHD, 222AIC and 222AIG also provide for the automatic reduction of an estimate.

             (2)  The Commissioner may at any time reduce the amount of an estimate, but is not obliged to consider whether or not to do so.

             (3)  If the Commissioner reduces under subsection (2) the amount of an estimate, he or she must send to the person liable or to the person's trustee a written notice that:

                     (a)  identifies the liability to which the estimate relates; and

                     (b)  sets out the reduced amount of the estimate.

The reduction takes effect when the notice is sent.