Income Tax Assessment Amendment Regulations 2005 (No. 3) (Cth)

Case
No judgment structure available for this case.

Income Tax Assessment Amendment Regulations 2005 (No. 3)1

Select Legislative Instrument 2005 No. 102

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 1997.

Dated 25 May 2005

P. M. JEFFERY

Governor-General

By His Excellency’s Command

MAL BROUGH

Minister for Revenue and Assistant Treasurer

1Name of Regulations

These Regulations are the Income Tax Assessment Amendment Regulations 2005 (No. 3).

2Commencement

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

  1. (a)

    on 1 July 2001 — regulations 1 to 4 and Schedule 1;

  2. (b)

    on the day after these Regulations are registered — Schedule 2.

3Amendment of Income Tax Assessment Regulations 1997

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

4Application of amendment

The amendment made by Schedule 1 to these Regulations does not apply to the extent that, in the period commencing on 1 July 2001 and ending at the end of the day when these Regulations are registered:

  1. (a)

    the rights of a person (other than the Commonwealth or an authority of the Commonwealth) as at the date of notification would be affected so as to disadvantage that person; or

  2. (b)

    liabilities would be imposed on a person (other than the Commonwealth or an authority of the Commonwealth) in respect of anything done or omitted to be done before the date of notification.

Schedule 1Amendment taken to have commenced on 1 July 2001

(regulation 3)

[1]Part 6, before Division 995

insert

Division 974ADebt and equity interests

Subdivision 974A-FRelated concepts

974A-135CRedeemable preference shares

For paragraph 974-135 (8) (a) of the Act, an obligation to redeem or buy back a preference share in relation to a company is not a contingent obligation merely because a requirement exists, under a law, to the effect that:

  1. (a)

    the redemption or buy back must not prejudice the company’s ability to pay its creditors; or

  2. (b)

    the redemption or buy back must not cause the company’s remaining assets to become insufficient to pay any of the company’s debts for which provision for payment has not otherwise been made.

    Schedule 2Amendments commencing on day after registration

    (regulation 3)

[1]Division 974A, heading

omit

[2]Subdivision 974A-F, heading

omit

[3]Regulation 974A-135C

relocate as regulation 974-135C in Subdivision 974-F

Note

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

Actions
Download as PDF Download as Word Document
Cases Citing This Decision

0

Cases Cited

0

Statutory Material Cited

0