Document ID: chunk:federal_register_of_legislation:C2025C00014:section:2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 2
Character Range: 1546604–1548443

2                                       The Commissioner, before the end of the limited amendment period or that period as extended, requests the taxpayer to consent to extending the limited amendment period                     The taxpayer may, by notice in writing, consent to extending the limited amendment period for a specified period.

 (8) The limited amendment period for an assessment may be extended more than once under subsection (7).

Other amendment periods
 (9) Notwithstanding anything contained in this section, when the assessment of the taxable income of any year includes an estimated amount of income, or of profits or gains of a capital nature, derived by the taxpayer in that year from an operation or series of operations the profit or loss on which was not ascertainable at the end of that year owing to the fact that the operation or series of operations extended over more than one or parts of more than one year, the Commissioner may at any time within 4 years after ascertaining the total profit or loss actually derived or arising from the operation or series of operations, amend the assessment so as to ensure its completeness and accuracy on the basis of the profit or loss so ascertained.
 (9D) This section does not prevent the amendment of an assessment at any time if the amendment is made, in relation to a contract that after the making of the assessment is found to be void ab initio, to ensure that Part 3‑1 or 3‑3 of the Income Tax Assessment Act 1997 (about CGT) is taken always to have applied to the contract as if the contract had never been made.
 (10) Nothing in this section prevents the amendment, at any time, of an assessment for the purpose of giving effect to any of the provisions of this Act set out in this table.

Item  Provision                                 Brief description