Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 454

             (1)  Where:

                     (a)  a statutory accounting period of a company has ended; and

                     (b)  the retention period in relation to the statutory accounting period has not ended;

an assessment may be made of a taxpayer on the assumption that, after the assessment is made, the following requirements will be complied with in relation to the statutory accounting period:

                     (c)  the requirements set out in paragraphs 451(1)(c) and (d) that are applicable to the company;

                     (d)  the requirements set out in paragraphs 452(1)(c) and (d) that are applicable to a partnership in which the company was a partner at any time during the statutory accounting period.

             (2)  Where:

                     (a)  the assessment is made; and

                     (b)  after the making of the assessment, the Commissioner becomes aware that the requirements were not complied with in relation to the statutory accounting period;

then, in spite of anything in section 170, the Commissioner may amend the assessment at any time for the purpose of ensuring that the assessment is made as if subsection (1) of this section were disregarded.