ACCT2331 Chapter Notes - Chapter 45: Administrative Appeals Tribunal
Document Summary
Chapter 45 income tax returns, assessments, rulings, appeals and audits. Income tax returns [p1090: taxpayers must lodge returns if required to do so by the commissioner (s161 itaa36, commissioner specifies the categories of taxpayer who must lodge returns in the. For most individuals, due date is usually the end of october after the tax year. Different rules apply where tax agents are used. Ato generally accepts statements made in tax returns. Statements are subject to post-assessment audit: assessments "crystallise" a taxpayer"s tax liability for a particular tax period, written notice of assessment: s174 itaa36. Importance of assessments [p1091: assessments are important for the following reasons: Commissioner can generally only recover tax from a taxpayer after a valid notice of assessment has been served on the taxpayer and a prescribed period of time has elapsed after the making of the assessment.
