Income Tax Amendment Regulations 2010 (No. 1) (Cth)

Income Tax Amendment Regulations 2010 (No. 1)¹

Select Legislative Instrument 2010 No. 7

I, QUENTIN BRYCE, 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 10 February 2010

QUENTIN BRYCE

Governor-General

By Her Excellency’s Command

NICK SHERRY

Assistant Treasurer

Name of Regulations

These Regulations are the Income Tax Amendment Regulations 2010 (No. 1).

Commencement

These Regulations are taken to have commenced on 1 July 2009.

Note See item 87 of Schedule 1 to the Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009.

Amendment of Income Tax Regulations 1936

Schedule 1 amends the Income Tax Regulations 1936.

Schedule 1 Amendments

(regulation 3)

[1] Subregulation 2 (1), after the definition of effective

insert

ESS interest has the meaning given by susbsection 83A-10 (1) of the Income Tax Assessment Act 1997.

[2] Regulation 20, table, item 4

substitute

Paragraph (f) of item 1 of the table in subsection 170 (1)

Paragraph (e) of item 2 of the table in subsection 170 (1)

Paragraph (d) of item 3 of the table in subsection 170 (1)

All of the following exist in the year of income mentioned in the item:

(a) a taxpayer has acquired an ESS interest;

(b) subsection 83A-35 (5) of the Income Tax Assessment Act 1997 (integrity rule about share trading and investment companies) did not apply to the ESS interest;

(c) the entity that provided the ESS interest to the taxpayer is not a small business entity in relation to which item 2 or 3 of the table in subsection 170 (1) of the Act applies.

Note

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