Income Tax Regulations 1915 (Amendment) (Provisional) (Cth)
STATUTORY RULES.
PROVISIONAL REGULATION UNDER THE INCOME TAX ASSESSMENT ACT 1915.
I, THE GOVERNOR-GENERAL in and over the
Commonwealth of Australia, acting with the advice of the Federal Executive
Council, hereby certify that, on account of urgency, the following Regulation
under the
Dated this fifteenth day of December, One thousand nine hundred and fifteen.
R. M. FERGUSON,
Governor-General.
By His Excellency’s Command,
W. G
. HIGGS,Treasurer.
Amendment of Income Tax Regulations 1915 (Statutory Rules 1915, No. 213).
The Income Tax Regulations 1915 are amended by inserting after Regulation 29 the following Regulation:—
Value of Live Stock.
29a. (1) For the purposes of Section 14 (
a ) of the Act the value of live stock to be taken into account at the beginning of the Federal Income Taxation period shall be the fair average value of the stock, as determined by the Commissioner.(2) Live stock sold after the beginning of the taxation period shall be deemed to have been sold at a profit or a loss to the extent of the excess or shortage respectively of the sale price above or below the fair average value determined under sub-regulation (1) of this Regulation.
(3) Natural increases of live stock shall be taken into account at the fair average value determined under this Regulation.
(4) Live stock purchased during the year in which the income was derived and owned at the end of the year shall be taken into account at the end of the year at the purchase price, but for the purpose of subsequent assessments shall be taken into account at the fair average value determined under this Regulation.
(5) The fair average value determined under this Regulation shall be maintained as the standard value for the purpose of assessments for all years.”
Printed and Published for the Government of the Commonwealth of Australia by Albert J. Mullett, Government Printer for the State of Victoria.
C.17034.—Price 3d.
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