Income Tax Amendment Regulations 2006 (No. 4) (Cth)

Income Tax Amendment Regulations 2006 (No. 4)¹

Select Legislative Instrument 2006 No. 187

I, PHILIP MICHAEL JEFFERY, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Income Tax Assessment Act 1936.

Dated 13 July 2006

P. M. JEFFERY

Governor‑General

By His Excellency’s Command

PETER CRAIG DUTTON

Minister for Revenue and Assistant Treasurer

Name of Regulations

These Regulations are the Income Tax Amendment Regulations 2006 (No. 4).

Commencement

These Regulations commence on the day after they are registered.

Amendment of Income Tax Regulations 1936

Schedule 1 amends the Income Tax Regulations 1936.

Schedule 1 Amendments

(regulation 3)

[1] Subregulation 97 (2), after definition of eligible service period

insert

EPSSS has the same meaning as in the SIS Regulations.

[2] Subregulation 97 (2), after definition of receiving fund

insert

receiving spouse has the meaning given by regulation 6.46 of the SIS Regulations.

[3] Regulation 98B

omit

An amount

insert

(1)An amount

[4] Regulation 98B

before

contributions‑splitting amount

insert

spouse

[5] Regulation 98B

insert

(2)An amount is a spouse contributions‑splitting amount for the definition of contributions‑splitting ETP in subsection 27A (1) of the Act if the amount:

(a)is:

(i)paid into a superannuation fund from an EPSSS; or

(ii)transferred within an EPSSS; and

(b)would be a spouse contributions‑splitting amount because of subregulation (1) if:

(i)the EPSSS were a regulated superannuation fund; and

(ii)the amount had been rolled over, transferred or allotted under Division 6.7 of the SIS Regulations.

[6] Subregulation 98C (1)

substitute

(1)For paragraph 27D (8) (a) of the Act, an election under subsection 27D (1) of the Act is taken to have been made by a taxpayer in relation to a qualifying ETP that is a contributions-splitting ETP if the amount is designated as a spouse contributions‑splitting amount by regulation 98B.

[7] Paragraph 98C (2) (b)

omit

contributions.

insert

contributions;

[8] After paragraph 98C (2) (b)

insert

(c)subject to subregulation (4) — the untaxed element of a post‑June 83 component.

[9] Subregulation 98C (4)

substitute

(4)For subregulation (2):

(a)the amount mentioned in paragraph (2) (a) must not exceed the amount of taxed splittable contributions (within the meaning of Division 6.7 of the SIS Regulations or Division 4.5 of the RSA Regulations) that:

(i)the taxpayer has applied to split under regulation 6.44 of the SIS Regulations; or

(ii)the taxpayer has applied to split under 4.41 of the RSA Regulations; or

(iii)the taxpayer has applied to have dealt with in a way that would result in the amount becoming a spouse contributions‑splitting amount because of subregulation 98B (2); and

(b)the amount mentioned in paragraph (2) (b) must not exceed the amount of untaxed splittable contributions (within the meaning of Division 6.7 of the SIS Regulations or Division 4.5 of the RSA Regulations) that:

(i)the taxpayer has applied to split under regulation 6.44 of the SIS Regulations; or

(ii)the taxpayer has applied to split under 4.41 of the RSA Regulations; or

(iii)the taxpayer has applied to have dealt with in a way that would result in the amount becoming a spouse contributions‑splitting amount because of subregulation 98B (2); and

(c)the amount mentioned in paragraph (2) (c) must not exceed the amount of untaxed splittable employer contributions (within the meaning of Division 6.7 of the SIS Regulations) that:

(i)the taxpayer has applied to split under regulation 6.44 of the SIS Regulations; or

(ii)the taxpayer has applied to split under 4.41 of the RSA Regulations; or

(iii)the taxpayer has applied to have dealt with in a way that would result in the amount becoming a spouse contributions‑splitting amount because of subregulation 98B (2).

[10] Regulation 98D

substitute

For subsections 82AAT (1BA) and (1CCA) of the Act, each of the following is designated as a contributions‑splitting application:

(a)an application under regulation 6.44 of the SIS Regulations;

(b)an application under regulation 4.41 of the RSA Regulations;

(c)an application to deal with an amount in a way that would result in the amount becoming a spouse contributions-splitting amount because of subregulation 98B (2).

[11] Paragraphs 99D (1) (a), (c) and (m)

omit

taxpayer’s

insert

relevant person’s

[12] Paragraphs 99D (1) (b) and (m)

omit

taxpayer

insert

relevant person

[13] After subregulation 99D (3)

insert

(4)In subregulation (1):

relevant person means:

(a)the taxpayer; or

(b)for a contributions‑splitting ETP — the receiving spouse.

[14] Amendments relating to references to the SIS Regulations

Provision	omit	insert
Subregulation 97 (2), definition of *preserved benefits*	Superannuation Industry (Supervision) Regulations.	SIS Regulations.
Subregulation 97 (2), definition of *restricted non‑preserved benefits*	Superannuation Industry (Supervision) Regulations.	SIS Regulations.
Subregulation 97 (2), definition of *unrestricted non‑preserved benefits*	Superannuation Industry (Supervision) Regulations.	SIS Regulations.

Note

All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See