Assessment time limits for gift tax shortened, with transitional extension permitting certain 1985-86 assessments to be completed by March 1990. The amendment shortens limitation periods for gift-tax assessments and reassessments: primary assessments are barred after one year from the end of the assessment year when gifts first became assessable, while assessments/reassessments following a notice are barred after two years from the end of the financial year in which the notice was served. Transitional provisos permit completion of certain mid-1980s assessments and reassessments by a specified transitional completion date, and the re-assessment period after an order setting aside or cancelling an assessment is reduced to two years with a similar transitional allowance.
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Provisions expressly mentioned in the judgment/order text.
Assessment time limits for gift tax shortened, with transitional extension permitting certain 1985-86 assessments to be completed by March 1990.
The amendment shortens limitation periods for gift-tax assessments and reassessments: primary assessments are barred after one year from the end of the assessment year when gifts first became assessable, while assessments/reassessments following a notice are barred after two years from the end of the financial year in which the notice was served. Transitional provisos permit completion of certain mid-1980s assessments and reassessments by a specified transitional completion date, and the re-assessment period after an order setting aside or cancelling an assessment is reduced to two years with a similar transitional allowance.
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