A New Tax System (Goods and Services Tax) Amendment Regulations 2000 (No. 5) (Cth)

A New Tax System (Goods and Services Tax) Amendment Regulations 2000 (No. 5)1

Statutory Rules 2000 No. 2682

I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the A New Tax System (Goods and Services Tax) Act 1999.

Dated 27 September 2000

WILLIAM DEANE

Governor-General

By His Excellency’s Command

peter costello

Treasurer

1Name of Regulations

 These Regulations are the A New Tax System (Goods and Services Tax) Amendment Regulations 2000 (No. 5).

2Commencement

 These Regulations commence on gazettal.

3Amendment of A New Tax System (Goods and Services Tax) Regulations 1999

Schedule 1 amends the A New Tax System (Goods and Services Tax) Regulations 1999.

Schedule 1Amendments

Do not delete: Schedule Part placeholder

(regulation 3)

[1]Subregulation 48-10.02 (2)

after

subregulation (3)

insert

, (3A)

[2]After subregulation 48-10.02 (3)

insert

• (3A)

  The partnership satisfies the requirements of this subregulation if each partner in the partnership is:

  • (a)

    an individual who is a member of the GST group; or

  • (b)

    a family member of such an individual.

[3]Paragraph 48-10.03 (3) (b)

omit

entity.

insert

entity;

[4]After paragraph 48-10.03 (3) (b)

insert

• (c)

  an individual who is a member of the GST group;

• (d)

  a family member of an individual who is a member of the GST group.

[5]After regulation 48-10.03

insert

48-10.04   Membership requirements for individuals

• (1)

  For subparagraph 48-10 (1) (a) (ii) of the Act, this regulation sets out requirements that must be satisfied for an individual to be a member of a GST group.

Note The individual must also satisfy other membership requirements set out in section 48-10 of the Act.

• (2)

  The individual must satisfy the requirements of subregulation (3), (4) or (5).

• (3)

  The individual satisfies the requirements of this subregulation if, for at least 1 company that is a member of the GST group:

  • (a)

    the individual has at least a 90% stake in the company (worked out in accordance with section 190-5 of the Act as if the individual were a company); or

  • (b)

    the membership of the company consists only of either or both of the individual and family members of the individual.

• (4)

  The individual satisfies the requirements of this subregulation if, for at least 1 partnership that is a member of the GST group, the partners of the partnership are either or both of the individual and family members of the individual.

• (5)

  The individual satisfies the requirements of this subregulation if, for at least 1 trust that is a member of the GST group:

  • (a)

    the beneficiaries of the trust (either directly, or indirectly through 1 or more interposed trusts) include either or both of the individual and family members of the individual; and

  • (b)

    the trustee of the trust distributes income or capital of the trust only to permitted beneficiaries as described in regulation 48-10.03.

[6]Further amendments

Provision	omit
Regulation 33-15.01	the purposes of
Paragraph 33-15.06 (1) (b)	the purposes of
Subregulation 48-10.02 (1)	the purposes of
Subregulation 48-10.03 (1)	the purposes of

Notes

1. These Regulations amend Statutory Rules 1999 No. 245, as amended by 2000 Nos. 49, 77, 89 and 110.

2. Notified in the Commonwealth of Australia Gazette