Northern Territory Numbered Acts Northern Territory Numbered Acts(1) Subject to this Act, the Commissioner may, after making an assessment, make a reassessment.
(2) A reassessment may be made:
(a) on the Commissioner's own initiative; or
(b) on receipt of a written application by the taxpayer.
(3) A reassessment may:
(a) confirm the earlier assessment; or
(b) increase the amount of the earlier assessment; or
(c) reduce the amount of the earlier assessment (and, if it appears on the reassessment that no tax is payable, reduce the amount of the earlier assessment to nil); or
(d) alter the earlier assessment in any other way.
(4) The Commissioner cannot reassess a tax liability more than 5 years after the initial assessment of the liability, unless:
(a) the reassessment is necessary to give effect to a decision on an objection to, or appeal against, the earlier assessment of the liability; or
(b) the taxpayer failed to make a full and true disclosure of all the facts and circumstances affecting the liability and, as a result, the tax liability was assessed at a lower amount than it should have been; or
(c) the taxation law under which the liability arose authorises the making of a reassessment more than 5 years after the initial assessment; or
(d) the taxpayer applies, in writing, for the reassessment within 5 years after the date of the initial assessment.