Part B) (5 marks)

Unfortunately, Penn Penfold was served (in his individual capacity) on 22 May 2020 with an amended notice of assessment issued by the Australian Taxation Office stating that he owed $2,000 in tax for the 2019/20 tax year. Penn wishes to dispute the assessment and has come to you for advice. He wants to know:

1. What power does the Commissioner have to issue the amended assessment?
2. How long does Penn have to object to the amended assessment

Required: Answer the following questions. Your answers must include relevant legislative or case references.