As a result of reviewing the additional information provided by the entity, the Commissioner may conclude that the DPT liability should be increased. In this the Commissioner can issue an amended DPT assessment to increase the DPT liability. If the DPT liability is increased, interest will be payable on the amount of the increase. However, an amended DPT assessment to increase a DPT liability must be issued no later than 30 days prior to the end of the review period. Review of DPT assessments The rights of taxpayers to make a taxation objection against a taxation decision (including an assessment) are set out in Part IVC of the TAA 1953. However, the relevant taxpayer is prevented from making a taxation objection against an assessment of a DPT liability amount in the manner set out in Part IVC during the period of review. [Schedule 1, item 9, section 145-20 of Schedule 1 to the TAA 1953] This ensures that the Commissioner is adequate time to consider information that the relevant taxpayer gives to the Commissioner in the period of review. The relevant taxpayer will be able to make a taxation objection against an assessment of a DPT liability amount in the manner set out in Part IVC within 30 days of the end of the period of review. [Schedule 1, item 9, paragraph 145-20(4)(c) of Schedule 1 to the TAA 1953] The operation of Part IVC in relation to DPT assessments is modified to reflect special features that apply to DPT assessments. The key modifications are that: the taxation objection must be made within 30 days of the end of the period of review; and the taxation objection must be an appeal to the Federal (and not to the Administrative Appeals Tribunal). [Schedule 1, item 9, section 145-20 of Schedule 1 to the TAA 1953] In addition, if an appeal is made to the Federal Court against a DPT assessment, restricted DPT evidence is not admissible in evidence in the proceedings. [Schedule 1, item 9, section 145-25 of Schedule 1 to the TAA 1953] Restricted DPT evidence is any information or documents that the relevant taxpayer does not provide to the Commissioner during the period of review, or that the Commissioner did not already have prior to the period of review. That is, is information or restricted DPT evidence documents that: the relevant taxpayer, or an associate (within the meaning in section 318 of the ITAA 1936) of the relevant taxpayer, had
As a result of reviewing the additional information provided by the entity, the Commissioner may conclude that the DPT liability should be increased. In this the Commissioner can issue an amended DPT assessment to increase the DPT liability. If the DPT liability is increased, interest will be payable on the amount of the increase. However, an amended DPT assessment to increase a DPT liability must be issued no later than 30 days prior to the end of the review period. Review of DPT assessments The rights of taxpayers to make a taxation objection against a taxation decision (including an assessment) are set out in Part IVC of the TAA 1953. However, the relevant taxpayer is prevented from making a taxation objection against an assessment of a DPT liability amount in the manner set out in Part IVC during the period of review. [Schedule 1, item 9, section 145-20 of Schedule 1 to the TAA 1953] This ensures that the Commissioner is adequate time to consider information that the relevant taxpayer gives to the Commissioner in the period of review. The relevant taxpayer will be able to make a taxation objection against an assessment of a DPT liability amount in the manner set out in Part IVC within 30 days of the end of the period of review. [Schedule 1, item 9, paragraph 145-20(4)(c) of Schedule 1 to the TAA 1953] The operation of Part IVC in relation to DPT assessments is modified to reflect special features that apply to DPT assessments. The key modifications are that: the taxation objection must be made within 30 days of the end of the period of review; and the taxation objection must be an appeal to the Federal (and not to the Administrative Appeals Tribunal). [Schedule 1, item 9, section 145-20 of Schedule 1 to the TAA 1953] In addition, if an appeal is made to the Federal Court against a DPT assessment, restricted DPT evidence is not admissible in evidence in the proceedings. [Schedule 1, item 9, section 145-25 of Schedule 1 to the TAA 1953] Restricted DPT evidence is any information or documents that the relevant taxpayer does not provide to the Commissioner during the period of review, or that the Commissioner did not already have prior to the period of review. That is, restricted DPT evidence is information or documents that: the relevant taxpayer, or an associate (within the meaning in section 318 of the ITAA 1936) of the relevant taxpayer, had
C2016-048_EXM_Exposure-Draft_Diverted_profitstax.docx