Income Tax Assessment Amendment Regulations 2011 (No. 4) (Cth)

Income Tax Assessment Amendment Regulations 2011 (No. 4)¹

Select Legislative Instrument 2011 No. 80

I, PROFESSOR MARIE BASHIR, AC, CVO, Administrator of the Government 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 2 June 2011

MARIE BASHIR

Administrator

By Her Excellency’s Command

BILL SHORTEN

Assistant Treasurer

1. Name of Regulations

These Regulations are the Income Tax Assessment Amendment Regulations 2011 (No. 4).

1. Commencement

These Regulations are taken to have commenced on 26 March 2009.

1. Amendment of Income Tax Assessment Regulations 1997

Schedule 1 amends the Income Tax Assessment Regulations 1997.

1. Transitional

The amendment made by Schedule 1 applies in relation to income years commencing on or after 1 July 2009.

Schedule 1          Amendment

(regulation 3)

[1]          After Division 83A

insert

Part 2A                   Specialist liability rules

Division 230           Taxation of financial arrangements

230-355.01Recording requirements

For paragraph 230-355 (3) (b) of the Act, the record mentioned in paragraph 230-355 (1) (c) of the Act must be made or in place by the later of:

(a)the time, or soon after the time, the hedging financial arrangement is created, acquired or applied; and

(b)30 June 2011.

Note

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