Document ID: chunk:federal_register_of_legislation:C2025C00014:section:1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 1
Character Range: 1529153–1532654

1                         The Commissioner may amend an assessment of an individual for a year of income within 2 years after the day on which the Commissioner gives notice of the assessment to the individual.                                                                                       This item does not apply:
                                                                                                                                                                                                                                                                                                        (a) if the individual carries on a business at any time in that year unless the individual is a small business entity or medium business entity for that year; or
                                                                                                                                                                                                                                                                                                        (b) if the individual is a partner in a partnership that carries on a business at any time in that year unless the partnership is a small business entity or medium business entity for that year; or
                                                                                                                                                                                                                                                                                                        (c) to an individual in the capacity of a trustee of a trust estate at any time in that year (see item 3 for this case); or
                                                                                                                                                                                                                                                                                                        (d) if the individual is a beneficiary of a trust estate at any time in that year unless the trust is a small business entity or medium business entity for that year or the trustee of the trust (in that capacity) is a full self‑assessment taxpayer for that year; or
                                                                                                                                                                                                                                                                                                        (e) if it is reasonable to conclude that any person entered into or carried out a scheme (either alone or with others) for the sole or dominant purpose of the individual obtaining a scheme benefit in relation to income tax from the scheme for that year; or
                                                                                                                                                                                                                                                                                                        (f) in any other circumstance prescribed by the regulations.
                                                                                                                                                                                                                                                                                                        This item is subject to items 5 and 6.