Income Tax Assessment Amendment Regulations 2003 (No. 1) (Cth)

Income Tax Assessment Amendment Regulations 2003 (No. 1)1

Statutory Rules 2003 No. 392

I, PETER JOHN HOLLINGWORTH, 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 1997.

Dated 20 March 2003

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

HELEN COONAN

Minister for Revenue and Assistant Treasurer

Contents

1Name of Regulations

These Regulations are the Income Tax Assessment Amendment Regulations 2003 (No. 1).

2Commencement

These Regulations are taken to have commenced as follows:

1. (a)

   on 1 July 2001 — regulations 1 to 3 and Schedule 1;

2. (b)

   on 6 July 2002 — Schedule 2.

3Amendment of Income Tax Assessment Regulations 1997

Schedules 1 and 2 amend the Income Tax Assessment Regulations 1997.

Schedule 1Amendment taken to have commenced on 1 July 2001

(regulation 3)

  

[1]After regulation 70-55.01

insert

Division 328STS taxpayers

328-375.01 Calculation of STS group turnover — fuel retailers

1. (1)

   For subsection 328-375 (4) of the Act, the way in which to calculate the STS group turnover for an income year of an entity (entity 1) that sells retail fuel is:

   1. (a)

      work out an amount for entity 1 using the method in subsection 328-375 (1) of the Act; and

   2. (b)

      reduce the amount by:

      1. (i)

         the part of the value of the business supplies entity 1 made in the income year that is attributable to the supply of retail fuel to any entity other than an entity that is grouped with entity 1; and

      2. (ii)

         the part of the value of the business supplies entities grouped with entity 1 made in the income year that is attributable to the supply of retail fuel to any entity other than:

         1. (A)

            entity 1; or

         2. (B)

            a third entity (while the entity and the third entity were grouped with entity 1).

2. (2)

   In this regulation:

retail fuel means:

1. (a)

   fuel, within the meaning of the Fuel Sales Grants Act 2000, that is sold by retail; and

2. (b)

   liquefied petroleum gas that is sold by retail.

Note 1 Section 328-380 of the Act explains arrangements relating to grouped entities.

Note 2 The expression value of the business supplies is explained in section 960-345 of the Act.

Schedule 2Amendment taken to have commenced on 6 July 2002

(regulation 3)

  

[1]Part 6, heading, and Division 995, heading

relocate after regulation 328-375.01

Notes

1. These Regulations amend Statutory Rules 1997 No. 198, as amended by 1998 No. 85; 1999 Nos. 12, 78 and 147; 2000 Nos. 1 and 128; 2001 Nos. 18, 26, 288 and 321; 2002 Nos. 46, 65, 170 and 172.

2. Notified in the Commonwealth of Australia Gazette on 27 March 2003.