Document ID: chunk:federal_register_of_legislation:C2025C00014:section:210
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 210
Character Range: 1558698–1560984

210                       Division 393                                                                                     Farm management deposits

 (10AB) Nothing in this section prevents the amendment, at any time, of an assessment for the purpose of reflecting information contained in an AMMA statement (within the meaning of the Income Tax Assessment Act 1997) if:
 (a) the statement is given by an AMIT for a year of income to an entity that is or was a member of the AMIT in respect of the year of income; and
 (b) the statement is so given later than 3 months after the end of the year of income.
 (11) Nothing in this section prevents the amendment, at any time, of an assessment to decrease the liability of a taxpayer for the purpose of giving effect to section 24 of the International Tax Agreements Act 1953.
 (12) Nothing in this section prevents the amendment, at any time, of an assessment to increase the liability of a taxpayer if:
 (a) the Commissioner amends a DPT assessment to decrease the liability of the taxpayer to diverted profits tax; and
 (b) that increase is attributable to that decrease.

Definitions
 (14) In this section, unless the contrary intention appears:
DPT assessment has the meaning given by the Income Tax Assessment Act 1997.
limited amendment period, for an assessment, means the period within which the Commissioner may amend the assessment:
 (a) under item 1, 2, 3 or 4 of the table in subsection (1); or
 (b) under paragraph (3)(a) or (b).
medium business entity, for a year of income, means an entity (within the meaning of the Income Tax Assessment Act 1997) who:
 (a) is not a small business entity for the year of income; and
 (b) would be a small business entity for the year of income if:
 (i) each reference in Subdivision 328‑C (about what is a small business entity) of that Act to $10 million were instead a reference to $50 million; and
 (ii) the reference in paragraph 328‑110(5)(b) of that Act to a small business entity were instead a reference to an entity (within the meaning of that Act) covered by this definition.
scheme has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.
scheme benefit has the meaning given by section 284‑150 in Schedule 1 to the Taxation Administration Act 1953.