Assessment time limits for wealth tax shortened, reducing prescribed periods for notices and assessment orders. The amendment shortens statutory time limits in the Wealth-tax Act for specified effective-date cohorts: where net wealth first became assessable in an assessment year beginning on or after 1 April 2004, the former two year period is to be treated as twenty one months; where notices or specified orders were served, received or passed on or after 1 April 2005, the former one year period is to be treated as nine months. Each substituted period applies only to cases meeting those effective date triggers.
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Provisions expressly mentioned in the judgment/order text.
Assessment time limits for wealth tax shortened, reducing prescribed periods for notices and assessment orders.
The amendment shortens statutory time limits in the Wealth-tax Act for specified effective-date cohorts: where net wealth first became assessable in an assessment year beginning on or after 1 April 2004, the former two year period is to be treated as twenty one months; where notices or specified orders were served, received or passed on or after 1 April 2005, the former one year period is to be treated as nine months. Each substituted period applies only to cases meeting those effective date triggers.
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