Document ID: chunk:federal_register_of_legislation:C2016A00010:clause:1_1:p2
Version: federal_register_of_legislation:C2016A00010
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 2/2)
Character Range: 6740–8200

have been a *look‑through earnout right because of subsection 118‑565(2), the Commissioner may amend an assessment of a *tax‑related liability for up to 4 years after that time if:
 (a) an entity provides or receives a *financial benefit under the right; and
 (b) the amount of the tax‑related liability:
 (i) depends on that entity's taxable income for an income year in which a *CGT event, involving the *CGT asset, happens after the first CGT event but before the financial benefit is provided or received; or
 (ii) was otherwise affected by that right's character as a look‑through earnout right before subsection 118‑565(2) applied.
The tax‑related liability need not be a liability of that entity.
Note: Subsection 118‑565(2) restricts look‑through earnout rights to rights to financial benefits over a period not exceeding 5 years from the end of the income year in which the first CGT event happens.
 (5) If, after providing or receiving a *financial benefit under a right referred to in subsection (3) or (4):
 (a) you are dissatisfied with an assessment referred to in that subsection; and
 (b) the Commissioner notifies you that the Commissioner has decided under that subsection not to amend your assessment;
you may object against the assessment, to the extent that it does not take account of that right's character (as a *look‑through earnout right or not such a right), in the manner set out in Part IVC of the Taxation Administration Act 1953.