Clause 282 - Time limit for notices under sections 280 and 281.

Time limits for tax assessment notices extended where evidence suggests significant escaped income; ordinary limitation shorter.

Clause 282 limits issuance of notices for income escaping assessment: notices under section 280 are barred after four years and three months except where the Assessing Officer has books, documents or other evidence indicating escaped taxable income at or likely above a substantial threshold, permitting extension up to six years and three months; notices to show cause under section 281 are barred after four years except where information with the Assessing Officer shows escaped taxable income at or likely above the same threshold, permitting extension up to six years; no notice under either provision may be issued within one year from the end of any tax year.