Clause 268 - Inquiry before assessment.

Inquiry before assessment: notice powers to require returns, documents, asset statements and directed special audit where necessary.

Clause 268 empowers the Assessing Officer to require returns, production of accounts and prescribed information including a statement of all assets and liabilities, subject to prior Joint Commissioner approval for assets outside accounts and a three year limit on account production. The Officer may make inquiries and, where justified by complexity, volume, doubt or specialised business activity and with prior senior-commissioner approval and a hearing, direct an assessee to obtain an audit by a nominated accountant and/or an inventory valuation by a nominated cost accountant, furnish prescribed reports within a specified period (extendable but capped) and be given an opportunity to be heard before such material is used for assessment.