Reassessment time limits set to four and six years, with extended reopening only where escaped income exceeds specified threshold.

Amendment substitutes clauses (a) and (b) of section 149(1) to provide that reopening is barred after four years from the end of the relevant assessment year unless clause (b) applies, and that reopening is permissible where four years, but not more than six years have elapsed if the income escaped assessment amounts to or is likely to amount to the statutory monetary threshold.

---

---

---