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New exclusions from the 2-year period of review
Prior to Christmas, the Government released amending regulations to the ITAA (1936 Act) Regulation 2015 to exclude certain small-medium sized entities (SME’s) (turnover less than $50 million) from the 2-year period of review in respect of income tax assessments. Such entities will instead have a 4-year amendment period, and include the following:
The amending regulations with respect the 4-year period of review, also extend to entities making a claim under Division 355 (research and development); foreign entities, and certain entities earning foreign sourced income.
The updated regulations apply to assessments after 9 December 2022 that relate to income years starting on or after 1 July 2021.
It is important to review the amendment period provisions before making any assumptions regarding the amendment period applicable to an entity, which could be for a period of 2 years, 4 years, or unlimited.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to your circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
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