Income Tax Amendment Regulations 2000 (No. 3) (Cth)

Income Tax Amendment Regulations 2000 (No. 3)

Statutory Rules 2000 No. 90

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 25 May 2000

WILLIAM DEANE

Governor-General

By His Excellency’s Command

C. R. KEMP

Assistant Treasurer

Income Tax Amendment Regulations 2000 (No. 3)1

Statutory Rules 2000 No. 902

made under the

Income Tax Assessment Act 1936

   

Contents

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1Name of Regulations

 These Regulations are the Income Tax Amendment Regulations 2000 (No. 3).

2Commencement

 These Regulations commence on gazettal.

3Amendment of Income Tax Regulations 1936

Schedule 1 amends the Income Tax Regulations 1936.

4Application

 The amendments made by these Regulations apply in relation to a year of income ending after 30 June 2000.

Schedule 1Amendment

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(regulation 3)

[1]Subregulation 152 (1)

substitute

• (1)

  If the assessable income of a taxpayer of a year of income commencing on or after 1 July 2000 includes an amount of rebatable benefit, the taxpayer is entitled in the taxpayer’s assessment in respect of income of that year of income to a rebate of tax of the amount calculated using the formula:

  • (a)

    if the taxpayer’s benefit amount is not more than $20 000:

  • A

     ´ [B - C]; or

  • (b)

    if the taxpayer’s benefit amount is more than $20 000:

  • A

     ´ [B - C] + 0.13 ´ [B - $20 000];

 where:

 A is the lowest marginal tax rate.

 Bis the taxpayer’s benefit amount, being the amount of rebatable benefit received by the taxpayer during the year of income, rounded down to the nearest whole dollar.

 C is the tax-free threshold.

Note lowest marginal tax rate and tax-free threshold are defined in regulation 148.

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136 and 157; 1952 Nos. 89, 90 and 102; 1953 Nos. 55 and 88; 1954 Nos. 11, 99 and 112; 1955 No. 23; 1956 Nos. 34, 35 (repealed by 1956 No. 96) and 96; 1957 Nos. 39 and 74; 1958 Nos. 27 and 70; 1959 Nos. 25 and 81; 1960 Nos. 44 and 74; 1962 Nos. 15, 44 and 112; 1963 Nos. 53 and 92; 1964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, 313 and 348; 1999 Nos. 79, 80 and 114; Act No. 60, 1999; Statutory Rules 2000 Nos. 39 and 72.

2. Made by the Governor-General on 25 May 2000, and notified in the Commonwealth of Australia Gazette on 1 June 2000.