Income Tax Amendment Regulations 2010 (No. 2) (Cth)

Income Tax Amendment Regulations 2010 (No. 2)¹

Select Legislative Instrument 2010 No. 136

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 15 June 2010

QUENTIN BRYCE

Governor-General

By Her Excellency’s Command

NICK SHERRY

Assistant Treasurer

Contents

1Name of Regulations                                            2

2Commencement                                                 2

3Amendment of Income Tax Regulations 1936               2

4Amendment of Income Tax Regulations 1936               2

5Amendment of Income Tax Regulations 1936               2

Schedule 1Amendment taken to have commenced on 31 July 2009 3

Schedule 2Amendments commencing on day after registration 4

Schedule 3Amendment commencing on 1 July 2010 9

Name of Regulations

These Regulations are the Income Tax Amendment Regulations 2010 (No. 2).

Commencement

These Regulations commence, or are taken to have commenced, as follows:

(a)on 31 July 2009 — regulations 1 to 3 and Schedule 1.

(b)on the day after they are registered — regulation 4 and Schedule 2.

(c)on 1 July 2010 — regulation 5 and Schedule 3.

Amendment of Income Tax Regulations 1936

Schedule 1 amends the Income Tax Regulations 1936.

Amendment of Income Tax Regulations 1936

Schedule 2 amends the Income Tax Regulations 1936.

Amendment of Income Tax Regulations 1936

Schedule 3 amends the Income Tax Regulations 1936.

Schedule 1 Amendment taken to have commenced on 31 July 2009

(regulation 3)

[1] Paragraph 7A (a)

substitute

(a)duty with Operation Slipper starting on 31 July 2009 and ending at the end of 30 June 2012 in the area bounded by the following geographical coordinates:

(i)39° 00´ N 78° 00´ E;

(ii)39° 00´ N 32° 00´ E;

(iii)05° 00´ S 32° 00´ E;

(iv)05° 00´ S 78° 00´ E;

Schedule 2 Amendments commencing on day after registration

(regulation 4)

[1] Paragraph 7A (d)

substitute

(d)duty with Operation Kruger in Iraq starting on 1 January 2009 and ending at the end of 30 June 2011;

[2] Paragraph 7A (e)

substitute

(e)duty with Operation Riverbank in Iraq starting on 21 July 2008 and ending at the end of 31 December 2011.

[3] Regulation 148, definition of illness-separated-rate social security pension, paragraph (a)

omit

table B

insert

Table B

[4] Regulation 148, definition of illness-separated-rate social security pension, paragraph (b)

omit

table B

insert

Table B

[5] Regulation 148, definition of Lowest marginal tax rate

substitute

lowest marginal tax rate, in relation to a year of income, means the rate that is:

(a)the lowest rate specified in the table in Part 1 of Schedule 7 to the Income Tax Rates Act 1986, in the application of the table to that year of income; and

(b)expressed as a decimal fraction.

[6] Regulation 148, definition of Rebatable benefit and rebatable pension

omit

Rebatable benefit

insert

rebatable benefit

[7] Regulation 148, definition of Tax-free threshold

substitute

tax‑free threshold, in relation to a year of income, means an amount of income equal to the lowest amount mentioned in the table in Part 1 of Schedule 7 to the Income Tax Rates Act 1986.

[8] Regulation 150A, definition of illness‑separated‑rate service pension

omit

column 2 of item 4 in table B at point 41‑B1 or 43‑B1 of VEA.

insert

column 2 of item 1 in Table B at point SCH6-B1 of VEA.

[9] Regulation 150A, definition of partnered‑rate service pension

omit

column 2 of item 3 in Table B at point 41‑B1 or 43‑B1 of VEA.

insert

column 2 of item 2 in Table B at point SCH6-B1 of VEA.

[10] Regulation 150A, definition of single‑rate service pension

omit

column 2 of item 1 in Table B at point 41‑B1 or 43‑B1 of VEA.

insert

column 2 of item 1 in Table B at point SCH6-B1 of VEA.

[11] Paragraph 151 (4) (b)

omit

a illness‑separated rate

insert

an illness‑separated‑rate

[12] Subparagraph 151 (4) (b) (i)

omit

a illness‑separated rate

insert

an illness‑separated‑rate

[13] Subparagraph 151 (4) (b) (ii)

omit

a illness‑separated rate

insert

an illness‑separated‑rate

[14] Subparagraph 151 (4) (e) (i)

omit

the amount, indexed in accordance with Division 21 in Part III of VEA, applicable under item 4 in Table D1 at point 41‑D4;

insert

the amount, indexed in accordance with Subdivision B of Division 18 in Part IIIB of VEA, applicable under item 3 in Table E-1 at point SCH6-E6 of that Act;

[15] Sub-subparagraph 151 (4) (e) (iii)(B)

omit

the amount, indexed in accordance with Division 21 in Part III of VEA, applicable under item 1 in table D‑1 at point 41‑D4 of that Act

insert

the amount, indexed in accordance with Subdivision B of Division 18 in Part IIIB of VEA, applicable under item 1 in Table E-1 at point SCH6-E6 of that Act

[16] Sub-subparagraph 151 (4) (f) (i) (A)

omit

within the meaning of Part III of the Veterans’ Entitlements Act 1986,

insert

within the meaning of Part I of VEA,

[17] Sub-subparagraph 151 (4) (f) (i) (B)

omit

within the meaning of Part III of the Veterans’ Entitlements Act 1986,

insert

within the meaning of Part I of VEA,

[18] Subparagraph 151 (4) (h) (i)

omit

a illness‑separated rate

insert

an illness‑separated‑rate

[19] Subregulation 151 (5)

omit

1 kind

insert

one kind

[20] Paragraph 151 (7) (a)

omit

Divisions 4, 5 and 6 of Part III of the Veterans’ Entitlements Act 1986; and

insert

Divisions 4 or 5 of Part III of VEA; and

Schedule 3 Amendment commencing on 1 July 2010

(regulation 5)

[1] Subregulation 150AB (3A)

substitute

(3A) If the taxpayer’s rebate threshold, if it were calculated using the formula in subregulation (3), would be an amount that is greater than the amount at which the rebate of tax under section 159N of the Act is reduced, the taxpayer’s rebate threshold for a year of income is the amount calculated using the formula:

where:

C is the lowest marginal tax rate.

D is the tax‑free threshold.

E is the maximum amount of rebate allowable under section 159N of the Act.

F is the taxpayer’s rebate amount for the year of income, worked out in accordance with subregulations (2) and (2B).

G is the amount at which the rebate of tax under section 159N of the Act is reduced.

Note For lowest marginal tax rate and tax‑free threshold, see regulation 148.

Note

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