Time-bar for reassessment notices tightened: extended windows allowed only where specified monetary thresholds for escaped income are met. The amendment revises the limitation regime for reassessment notices by establishing tiered temporal bars and corresponding monetary thresholds tied to assessment history: no notice after four years unless exceptions apply; extensions up to seven and ten years permitted only where escaped income meets specified intermediate or higher thresholds. It further requires application of the existing explanatory provision of the reassessment rule in determining escaped income for these thresholds.
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Time-bar for reassessment notices tightened: extended windows allowed only where specified monetary thresholds for escaped income are met.
The amendment revises the limitation regime for reassessment notices by establishing tiered temporal bars and corresponding monetary thresholds tied to assessment history: no notice after four years unless exceptions apply; extensions up to seven and ten years permitted only where escaped income meets specified intermediate or higher thresholds. It further requires application of the existing explanatory provision of the reassessment rule in determining escaped income for these thresholds.
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