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20 Feb 1515 On amendment periods – the ATO responds

In 2015 TAXVINE No 4 (13 February 2015), Member 18 wrote about the four year amendment period that applies to any individual who, despite having "simple tax affairs", are the beneficiary of a trust, rather than the two year period that applies to individuals who are not beneficiaries of a trust.


"The Commissioner’s position on amendment periods relating to individuals who are beneficiaries of a trust is outlined in the Decision Impact Statement for the Federal Court decision in Yazbek v Commissioner of Taxation [2013] FCA 39; 2013 ATC 20-371;(2013) 209 FCR 416. 

The Federal Court determined a four year period of review applies to a taxpayer who is a beneficiary of a trust, except where the trust is a small business entity in the relevant year of income (or where the trustee of the trust, in that capacity, is a full self-assessment taxpayer). 

The Commissioner’s current compliance approach for individual taxpayers with simple affairs seeks to complete compliance action and amend assessments (if relevant) in most instances within two years."