Income Tax Amendment Regulations 1998 (No. 6) (Cth)

Income Tax Amendment Regulations 1998 (No. 6)

Statutory Rules 1998No. 348

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 theIncome Tax Assessment Act 1936.

Dated 17 December 1998.

 WILLIAM DEANE

Governor-General

By His Excellency’s Command,

C. R. Kemp

Assistant Treasurer

Income Tax Amendment Regulations 1998 (No. 6)1

Statutory Rules 1998No. 3482

made under the

Income Tax Assessment Act 1936

   

Contents

Page

• •
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1Name of regulations

 These regulations are the Income Tax Amendment Regulations 1998 (No. 6).

2Commencement

 These regulations commence on gazettal.

3Amendment of Income Tax Regulations

 Schedule 1 amends the Income Tax Regulations.

Schedule 1 Amendment of Income Tax Regulations

 (regulation 3)

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[1]Regulation 1

substitute

1Name of regulations

 These regulations are the Income Tax Regulations 1936.

[2]After regulation 125

insert

125APayments declared to be prescribed payments

• (1)

  For the definition of prescribed payment in Division 3A of Part VI of the Act, a payment described in regulation 126 or 126A is a prescribed payment.

• (2)

  Regulation 126A does not apply to a payment that is a prescribed payment under regulation 126.

[3]Regulation 126, heading

substitute

126Prescribed payments — specified activities

[4]After regulation 126

insert

126APrescribed payments — voluntary agreements

• (1)

  A payment, within the meaning of subsection 221YHA (1) of the Act, is declared to be a prescribed payment if the parties to the contract agree that payments made under the contract or successive contracts are to be prescribed payments.

• (2)

  The agreement must:

  • (a)

    be in writing; and

  • (b)

    state that the parties agree that payments made under the contract or successive contracts between the parties are prescribed payments for Division 3A of Part VI of the Act; and

  • (c)

    be signed by the parties; and

  • (d)

    be given to the Commissioner by the person making the payments within 14 days after it is signed.

• (3)

  The parties must each keep a copy of the agreement while the agreement is in force and for 5 years after the agreement:

  • (a)

    is terminated; or

  • (b)

    ceases to be in force under subregulation (6).

    Penalty:   2 penalty units.

• (4)

  Either party may terminate the agreement at any time by notifying the other party.

• (5)

  If the agreement is terminated, the person making the payments must notify the Commissioner in writing within 14 days that the agreement has been terminated.

• (6)

  The agreement remains in force at all times after it is signed (unless it is terminated under subregulation (4)) until 1 year passes after the payer makes a prescribed payment to the payee (being a payment made when the agreement is in force) without the payee again becoming entitled to receive a prescribed payment from the payer under this regulation.

Notes

1. These regulations amend Statutory Rules 1936 No. 94, as amended by 1939 Nos. 6 and 42; 1940 Nos. 138 and 289; 1941 Nos. 120 and 327; 1942 Nos. 339 and 553; 1943 Nos. 80, 127 and 151; 1944 Nos. 90 and 124; 1945 Nos. 12, 85, 169 and 192; 1946 No. 135; 1947 Nos. 77 and 173; 1948 Nos. 115 and 162; 1949 Nos. 25 and 50; 1950 Nos. 63 and 101; 1951 Nos. 136 and 157; 1952 Nos. 89, 90 and 102; 1953 Nos. 55 and 88; 1954 Nos. 11, 99 and 112; 1955 No. 23; 1956 Nos. 34, 35 (repealed by 1956 No. 96) and 96; 1957 Nos. 39 and 74; 1958 Nos. 27 and 70; 1959 Nos. 25 and 81; 1960 Nos. 44 and 74; 1962 Nos. 15, 44 and 112; 1963 Nos. 53 and 92; 1964 Nos. 74, 121 and 134; 1965 Nos. 133 and 187; 1966 No. 156; 1967 Nos. 112 and 126; 1968 No. 1; 1969 No. 68; 1970 Nos. 43, 126, 168 and 213; 1971 Nos. 120 and 148; 1972 Nos. 48, 50 and 137; 1973 No. 266; 1974 Nos. 193, 226 and 267; 1975 Nos. 88, 89, 99, 101 and 213; 1976 Nos. 115, 188 and 212; 1977 Nos. 77, 107 and 248; 1978 Nos. 85 and 193; 1979 Nos. 126 and 239; 1980 Nos. 86, 137 and 149; 1981 Nos. 116 and 360; 1982 Nos. 115, 128, 267 and 280; 1983 Nos. 79, 87, 111, 213 and 319; 1984 Nos. 172, 286, 408 and 416; 1985 Nos. 21, 148, 274 and 278; 1986 No. 325; Acts Nos. 28, 49 and 112, 1986; Statutory Rules 1987 Nos. 92 and 120; 1988 Nos. 196, 208, 262, 381, 382, 383 and 384; Act No. 97, 1988; Statutory Rules 1989 Nos. 67, 80, 115 (as amended by 1989 No. 358), 123, 124, 141, 250 and 358; 1990 Nos. 19, 126, 151, 152, 192, 347, 390, 398 and 468; 1991 Nos. 20, 121, 156, 158, 240, 300, 301, 390 and 391; 1992 Nos. 38, 129, 216, 313 and 449; 1993 Nos. 15, 46, 47, 65, 91, 159, 202, 216, 275, 288 and 370; 1994 Nos. 95, 96, 127, 174, 195, 219, 399, 412, 460, 461 and 462; 1995 Nos. 58, 107, 139, 152, 153, 194, 316, 356, 381, 382, 383 and 447; Act No. 30, 1995; Statutory Rules 1996 Nos. 38, 56, 114, 124, 133, 150, 185, 274, 320, 345 and 346; 1997 Nos. 68, 141, 148, 169, 176, 191, 196, 197, 270, 338, 368 and 416; 1998 Nos. 14, 92, 129, 163 and 313.

2. Made by the Governor-General on 17 December 1998, and notified in the Commonwealth of Australia Gazette