Clause 37 - Amendment of section 153

Exclusion of time for assessment limitation expanded to cover audit directions and information exchange delays.

The amendments exclude from assessment limitation the period from issuance of an accounts audit direction to the final date for the audit report or, if the direction is contested, until the Commissioner receives the order setting it aside. They also extend the exclusion for exchange-of-information references to run until the last receipt of requested information or one year, and add exclusion for the period from the Commissioner's receipt of a reference on an impermissible avoidance arrangement to the Assessing Officer's receipt of ensuing directions or orders.