The Minister for Revenue and Assistant Treasurer, Peter Dutton, today announced a review into unlimited amendment periods in the income tax laws.
‘The discussion paper I am releasing today examines options to remove unlimited amendment periods in the income tax laws, or replace them with more certain arrangements,’ Mr Dutton said.
This review continues the improvements to the income tax self-assessment system made in December 2004 to provide greater certainty and fairness for Australians in their tax affairs.
The review examines the need for amendment periods beyond the standard time, and proposes a number of alternatives to limit taxpayers’ exposure if additional time is required. These proposals significantly reduce taxpayers’ exposure to the risk of amended assessments, while preserving the capacity of the Tax Office to collect legitimate income tax liabilities.
The Government is seeking submissions on the proposals and issues set out in the discussion paper. Submissions should be sent by 19 October 2007 to:
General Manager
Tax System Review Division
The Treasury
Langton Crescent
PARKES ACT 2600
Submissions can also be emailed to: uap@treasury.gov.au
Copies of the discussion paper are available from the Treasury website.