INCOME TAX ASSESSMENT ACT 1997 - SECT 214.115 Later amendments--failure to make proper disclosure

INCOME TAX ASSESSMENT ACT 1997 - SECT 214.115

  (1)   If:

  (a)   a * corporate tax entity does not make a full and true disclosure to the Commissioner of the information necessary for a * franking assessment for the entity for an income year; and

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

  (c)   the Commissioner is not of the opinion that the under - assessment is due to fraud or evasion;

the Commissioner may amend the assessment at any time during the period of 6 years after the * original franking assessment day for the entity for the year.

  (2)   The Commissioner makes an under - assessment in a * franking assessment (the earlier assessment ) if, in amending the earlier assessment, the Commissioner would have to do one or more of the following for the amended assessment to be correct:

  (a)   reduce the * franking surplus (including to a nil balance);

  (b)   increase the * franking deficit (including from a nil balance);

  (c)   increase * franking tax payable.