Some small and medium business entities (SMEs) could soon be excluded from the shorter 2-year amendment period and subject to the standard 4-year period if Draft Regulations proposed by the government are registered. In their current form, the Regulations will only affect entities with related-party dealings, international dealings, those entitled to the R&D tax offset or those who can claim cert ain CGT relief. It will apply to assessments made after the Regulations commence for income years starting on or after 1 July 2021.
Click to read our article: Period of review changes coming for SMEs. (0.70 MB PDF)