Document ID: chunk:federal_register_of_legislation:C2010C00644:clause:3_5
Version: federal_register_of_legislation:C2010C00644
Segment Type: clause
Provision Reference: sch 3 cl 5
Character Range: 6822–8119

5  After subsection 102UK(2)
Insert:

Amendment of incorrect statement

 (2A) If:
 (a) during the UB statement period in relation to a year of income, the trustee of a closely held trust makes and gives to the Commissioner a statement, that the trustee believes on reasonable grounds is a correct UB statement, about the whole or part of a share of the net income of the closely held trust; and
 (b) the statement is not a correct UB statement about some or all (the amount subject to the error) of the whole or the part of the share, with the result that, apart from this subsection, this section applies; and
 (c) the trustee could not reasonably have foreseen the event that caused the statement not to be a correct UB statement; and
 (d) either:
 (i) before any ultimate beneficiary non‑disclosure tax becomes due and payable on the amount subject to the error as a result of this section applying; or
 (ii) before the end of 4 years after any such tax becomes due and payable;
  the trustee advises the Commissioner in writing of any change that is necessary to make the statement a correct UB statement about the whole or part of the amount subject to the error;
this section does not apply, and is taken never to have applied, to the whole or the part of the amount subject to the error.