Grace periods for correcting false or misleading notifications
389-25 Grace periods for correcting false or misleading notifications
When notifications can be corrected
An entity that has made a statement (a withholding statement) under section 389‑5 notifying an amount under item 1 or 2 of the table in subsection 389‑5(1) may correct the statement:
within the period determined by the Commissioner under subsection (2); or
if paragraph (a) does not apply but the entity is covered by a determination under subsection (5)—within the period specified in that determination.
Correcting the statement can protect the person from liability for a false or misleading withholding statement: see subsections 8K(2A), 8N(2) and 284‑75(8).
Determinations for particular entities
The Commissioner may determine the period within which the entity may correct a withholding statement.
The Commissioner must give the entity written notice of the determination.
The entity may object, in the manner set out in Part IVC, against a decision of the Commissioner determining a period under subsection (2) relating to the entity.
Determinations for classes of entities
The Commissioner may, by legislative instrument, determine the period within which entities included in a class of entities specified in the determination may correct a withholding statement.
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