Income Tax Regulations 1917 (Amendment) (Cth)

STATUTORY RULES.

1918. No. 315.

————

REGULATIONS UNDER THE INCOME TAX ASSESSMENT ACT 1915-1918.

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Income Tax Assessment Act 1915-1918, to come into operation forthwith.

Dated this fourth day of December, 1918.

R. M. FERGUSON,

Governor-General.

By His Excellency’s Command,

W. A. WATT,

Treasurer.

————

Amendment of Income Tax Regulations 1917 (Statutory Rules 1917, No. 280, as Amended by Statutory Rules 1918, No. 95).

1. Regulation 46 of the Income Tax Regulations is amended—

(a) by omitting from sub-regulation (2) thereof the words “as determined by the Commissioner,” and inserting in their stead the words “as set forth in Table III. in the Schedule”; and

(b)by omitting from sub-regulation (4) thereof the words “as determined by the Commissioner under sub-regulation (2) of this regulation,” and inserting in their stead the words “as set forth in Table III. in the Schedule.”

2. After regulation 46 of the Income Tax Regulations, the following regulation is inserted:—

Value of live stock for the years 1916-17 and 1917-18.

“46a. (1) This regulation shall apply to assessments made for the financial years ending on the 30th days of June, One thousand nine hundred and seventeen, and One thousand nine hundred and eighteen respectively.

(2) 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 period on the income of which tax was assessed for the financial year ending on the thirtieth day of June, One thousand nine hundred and seventeen, shall be the fair average value of the stock, as set forth in Table III. in the Schedule.

(3) Live stock sold after the beginning of that 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 set forth in Table III. in the Schedule.

(4) Natural increases of live stock shall be taken into account at the fair average value set forth in Table III. in the Schedule.

 

(5) 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 set forth in Table III. in the Schedule.

(6) This regulation shall be deemed to have come into operation on the fifteenth day of December, One thousand nine hundred and fifteen.”

3. The Schedule to the Income Tax Regulations is amended by adding thereto the following Table:—

“TABLE III.

Fair Average Value of Live Stock (other than Stud Stock).

—	Sheep.			Cattle.			Horses.			Pigs.
£	s.	d.	£	s.	d.	£	s.	d.	£	s.	d.
New South Wales...........................	0	10	0	6	0	0	8	0	0	1	0	0
Victoria.........................................	0	12	6	6	0	0	15	0	0	2	10	0
Queensland....................................	0	9	0	3	0	0	4	0	0	0	15	0
South Australia..............................	0	10	0	5	0	0	7	0	0	2	0	0
Tasmania.......................................	0	10	0	3	0	0	20	0	0	0	15	0
Northern Territory..........................	0	12	6	2	0	0	5	0	0	...
Western Australia...........................	0	5	0	1	15	0	East Kimberley
„ ..........................	0	5	0	2	5	0	West Kimberley
„ ..........................	0	7	0	2	10	0	N.W. Division, North of Tropic of Capricorn
„ ..........................	0	9	0	3	10	0	N.W. Division, South of Tropic of Capricorn
„ ..........................	0	12	0	4	10	0	S. W. Division
„ ..........................	0	7	0	2	10	0	Eucla and Central Division
„ ..........................	0	5	0	1	15	0	Eastern Division

 

Printed and Published for the Government of the Commonwealth of Australia by H. J. Green, Acting Government Printer for the State of Victoria.