Income Tax Act 2007 section 959

Application of Income Tax Acts provisions about time limits for assessments

Section 959 explains how the normal time limits for making income tax assessments apply when the assessment relates to a return period that does not coincide with a standard tax year.

• The usual Income Tax Acts time limit rules for assessments apply to assessments under this Chapter, even where the return period is not a standard tax year
• Where a payment falls within an accounting period (section 949), the assessment is treated as made for the tax year in which the return period ends
• Where a payment falls outside an accounting period (section 950), the assessment is treated as made for the tax year in which the payment is actually made
• This ensures that the correct tax year is identified for time limit purposes, regardless of the length or timing of the return period