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Tax Administration Act 1994

Assessments

104B: Determination of credits and debits in memorandum accounts

You could also call this:

"Fixing mistakes in your account"

Illustration for Tax Administration Act 1994

You have a memorandum account. The Commissioner can correct it. They can change the amount of a credit or debit. They can also change the credit date or debit date. You will get a notice when the Commissioner makes a change. This notice can be included in your assessment notice. If you do not get the notice, the change is still valid. You must update your account to reflect the changes. The Commissioner's changes are correct unless you challenge them. You can find more information by looking at the Income Tax Act 2007.

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Part 6Assessments

104BDetermination of credits and debits in memorandum accounts

  1. In this section,—

    credit date means the credit date recorded when a memorandum credit arises in a memorandum account

      debit date means the debit date recorded when a memorandum debit arises in a memorandum account

        memorandum account person means a company, person, consolidated imputation group, or consolidated group (including the nominated company for a consolidated group) that maintains a memorandum account.

        1. The Commissioner may determine that a memorandum account is corrected by—

        2. adjusting the amount of a credit or debit recorded in the account; or
          1. changing a credit date or a debit date recorded in the account.

            1. Notice of the determination must be given to the memorandum account person affected by the determination as soon as is convenient after the determination has been made.

            2. Notice of the determination may be included in a notice of assessment.

            3. Failure to give the notice of determination does not invalidate the determination.

            4. Particulars of the determination are treated as correctly reflecting what should have been recorded in the memorandum account.

            5. The memorandum account person must record those changes that are necessary or appropriate to ensure that all memorandum accounts of the person correctly reflect the determination.

            6. Subsections (6) and (7) do not apply to the extent to which it is established in proceedings under a challenge that the determination is not correct.

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            Notes
            • Section 104B: inserted, on (effective for 2008–09 income year and later income years, unless the context requires otherwise), by section ZA 2 of the Income Tax Act 2007 (2007 No 97).