Northern Territory Numbered Acts Northern Territory Numbered Acts(1) The Commissioner may withdraw an assessment at any time within 5 years after the initial assessment, whether or not the amount of tax specified in the assessment has been paid.
(2) If an assessment is withdrawn:
(a) any tax paid in satisfaction, or purported satisfaction, of the tax liability to which the assessment related is to be refunded (or credited against any other tax liability of the taxpayer); and
(b) if the taxpayer has lodged an objection to, or appeal against, the assessment – interest is to be allowed on the amount of the refund (or credit) on the same basis as would have applied if the assessment had been set aside on the objection or appeal; and
(c) a fresh assessment of the tax liability to which the withdrawn assessment related cannot be made more than 5 years after the date of the initial assessment of the tax liability unless it later appears that the assessment would not have been withdrawn if the taxpayer had made a full and true disclosure of all the facts and circumstances affecting the liability.