Making self assessment by lodging transaction statement
14A Making self assessment by lodging transaction statement
The following provisions apply if, under a revenue law, a self assessor lodges a transaction statement—
an assessment (a standard self assessment) is taken to have been made for the taxpayer stated in the statement;
the assessment under paragraph (a) is taken to have been made by the commissioner;
the liability for tax for the assessment is the amount that, on the basis of the information stated in the statement, is the amount of the taxpayer’s liability for tax;
despite section 26(2), the statement is taken to be an assessment notice for the assessment;
the assessment notice is taken to have been given under section 26 to the taxpayer for whom the assessment is made.
This Act’s bill:Explanatory memorandum
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