Income Tax Regulations (Amendment) (Cth)

Statutory Rules 1991 No. 3901

Income Tax Regulations2 (Amendment)

I, THE 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 1936.

Dated 20 November 1991.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

J KERIN

Treasurer

 

1. Amendment

1.1 The Income Tax Regulations are amended as set out in these Regulations.

2. Regulation 42 (Eligible termination payments—roll-over)

2.1 Subregulation 42 (1) (definition of “eligible termination payment”):

Omit the definition, substitute:

“ ‘ETP’ has the same meaning as in subsection 27a (1) of the Act;”.

2.2 Subregulation 42 (1) (definition of “post-June 83 component”):

Omit the definition, substitute:

“ ‘post-June 83 component’, in relation to an ETP, means the amount that would be the post-June 83 component of that ETP for the purposes of paragraph (e) of subsection 27aa (1) of the Act, if:

(a) paragraph (ca) of that subsection were omitted; and

(b) the expression ‘- EC’ (wherever occurring) were omitted from paragraph (d) of that subsection;”.

2.3 Subregulation 42 (1) (definition of “pre-July 83 component”):

Omit the definition, substitute:

“ ‘pre-July 83 component’,in relation to an ETP, means the amount that would be the pre-July 83 component of that ETP for the purposes of paragraph 27aa(1) (d) of the Act if the expression ‘-EC’ (wherever occurring) were omitted from that paragraph;”.

2.4 Subregulation 42 (1) (definition of “roll-over payment”):

Omit “eligible termination payment”, substitute “ETP”.

2.5 Subregulations 42 (2), (3) and (5):

Omit “eligible termination payment” (wherever occurring), substitute “ETP”.

2.6 Subregulation 42 (6):

Omit the subregulation, substitute:

“(6) Subregulation (2) does not apply to a taxpayer if regulation 99 does not apply in relation to an ETP to be made to the taxpayer because of subregulation 99 (6).”.

3. Regulation 70 (Interpretation)

3.1 Paragraph 70 (3) (a):

Omit “eligible termination payment”, substitute “ETP”.

4. Regulation 97 (Interpretation)

4.1 Subregulation 97 (2):

After the definition of “concessional component” insert:

“ ‘ISC-directed commutation payment’ has the same meaning as in subsection 27a (1) of the Act;”.

 

4.2 Subregulation 97 (2) (definition of “post-June 83 component”):

Omit the definition, substitute:

“ ‘post-June 83 component’,in relation to an ETP, means the amount that would be the post-June 83 component of that ETP for the purposes of paragraph (e) of subsection 27AA (1) of the Act, if:

(a) paragraph (ca) of that subsection were omitted; and

(b) the expression ‘- EC’(wherever occurring) were omitted from paragraph (d) of that subsection;”.

4.3 Subregulation 97 (2) (definition of “pre-July 83 component”):

Omit the definition, substitute:

“ ‘pre-July 83 component’,in relation to an ETP, means the amount that would be the pre-July 83 component of that ETP for the purposes of paragraph 27AA (1) (d) of the Act if the expression ‘-EC’ (wherever occurring) were omitted from that paragraph;”.

4.4 Subregulation 97 (2) (definition of “roll-over payment”):

Omit “eligible termination payment”, substitute “ETP”.

5. Regulation 98 (Rates of deduction—ETP)

5.1 Paragraph 98 (8) (a):

Omit “eligible termination payment”, substitute “ETP”.

5.2 Subregulation 98 (10):

Omit the subregulation, substitute:

“(10) In subregulation (8), ‘net relevant amount’,in relation to an ETP, means any amount remaining after deducting from the amount that is the sum of the pre-July 83 component and the post-June 83 component, as shown in the statement referred to in paragraph 99 (1) (a) in relation to that ETP, any amounts specified in accordance with subparagraphs99 (2) (b) (ii), (iii) and (iv) and paid in accordance with the declaration referred to in paragraph 99 (3) (a) in respect of the ETP.

“(11) Where any salary or wages that an employee receives or is entitled to receive in respect of a week consists or consist of an ETP that includes an ISC-directed commutation payment, the prescribed rate of deductions to be made for the purposes of section 221c of the Act from that payment is the amount (being a multiple of 5 cents) that is, or is nearest to:

(a) if the employee is not a prescribed non-resident—the amount ascertained by multiplying the number of whole dollars in the

ISC-directed commutation payment by the factor specified in column 3 of the last item in table 4 in Schedule 3; or

(b) if the employee is a prescribed non-resident—the amount ascertained by multiplying the number of whole dollars in the ISC-directed commutation payment by the factor specified in column 3 of the last item in table 5 in Schedule 3.”.

6. Regulation 99 (Statement of termination payment)

6.1 Subparagraph 99 (1) (a) (i):

Omit “eligible termination payment”, substitute “ETP”.

6.2 Subparagraph 99 (1) (a) (i):

Add at the end:

“(G) the ISC-directed commutation payment (if any); and”.

6.3 Paragraph 99 (2) (a):

Omit “eligible termination payment”, substitute “ETP”.

6.4 Subregulations 99 (3) and (5):

Omit “eligible termination payment”, substitute “ETP”.

6.5 Paragraph 99 (5) (a) (definition of “B”):

Omit “eligible termination payment” (wherever occurring), substitute “ETP”.

6.6 Paragraph 99 (5) (a) (definition of “C”):

Omit “eligible termination payment”, substitute “ETP”.

6.7 Subregulation 99 (6):

Omit the subregulation, substitute:

“(6) This regulation does not apply in relation to an ETP if:

(a) the whole of the ETP is to be expended in making the roll-over payment; and

(b) the roll-over payment is to be made by one superannuation fund directly to another superannuation fund; and

(c) the ETP is to be made in relation to:

(i) the employee on the transfer of his or her membership of that first-mentioned fund from that fund to that other fund and both funds are sponsored by the same

employer, being an employer who provides employer support for the employee in respect of that membership; or

(ii) the employee on the employee and other members of the first-mentioned fund transferring from the membership of that fund to the membership of that other fund; and

(d) the fund making the payment provides to the other fund the following information in respect of the employee:

(i) name;

(ii) date of birth;

(iii) date when membership of the first-mentioned superannuation fund commenced;

(iv) eligible service period;

(v) matters required to be indicated in the statement referred to in subparagraph (1) (a) (i).”.

6.8 Paragraph 99 (7) (b):

Omit “eligible termination payment”, substitute “ETP”.

7. Regulation 100 (Employee may quote tax file number)

7.1 Subregulation 100 (1):

Omit “eligible termination payment”, substitute “ETP”.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 27 November 1991.

2. Statutory Rules 1936 No. 94 as amended by 1939 Nos. 6 and 42; 1940 Nos. 138 and 289; 1941 Nos. 120 and 327; 1942 Nos. 339 and 553; 1943 Nos. 80, 127 and 151; 1944 Nos. 90 and 124; 1945 Nos. 12, 85, 169 and 192; 1946 No. 135; 1947 Nos. 77 and 173; 1948 Nos. 115 and 162; 1949 Nos. 25 and 50; 1950 Nos. 63 and 101; 1951 Nos. 136 and 157; 1952 Nos. 89, 90 and 102; 1953 Nos. 55 and 88; 1954 Nos. 11, 99 and 112; 1955 No. 23; 1956 Nos. 34, 35 and 96; 1957 Nos. 39 and 74; 1958 Nos. 27 and 70; 1959 Nos. 25 and 81; 1960 Nos. 44 and 74; 1962 Nos. 15, 44 and 112; 1963 Nos. 53 and 92; 1964 Nos. 74, 121 and 134; 1965 Nos. 133 and 187; 1966 No. 156; 1967 Nos. 112 and 126; 1968 No. l; 1969 No. 68; 1970 Nos. 43, 126, 168 and 213; 1971 Nos. 120 and 148; 1972 Nos. 48, 50 and 137; 1973 No. 266; 1974 Nos. 193, 226 and 267; 1975 Nos. 88, 89, 99, 101 and 213; 1976 Nos. 115, 188 and 212; 1977 Nos. 77, 107 and 248; 1978 Nos. 85 and 193; 1979 Nos. 126 and 239; 1980 Nos. 86, 137 and 149; 1981 Nos. 116 and 360; 1982 Nos. 115, 128, 267 and 280; 1983 Nos. 79, 87, 111, 213 and 319; 1984 Nos. 172, 286, 408, and 416; 1985 Nos. 21, 148, 274 and 278; 1986 No. 325 and Acts Nos. 28, 49 and

NOTES—continued

112, 1986; 1987 Nos. 92 and 120; 1988 Nos. 196, 208, 262, 381, 382, 383 and 384 and Act No. 97, 1988; 1989 Nos. 67, 80, 115, 123, 124, 141, 250 and 358; 1990 Nos. 19, 126, 151, 152, 192, 347, 390, 398 and 468; 1991 Nos. 20, 121, 156, 158, 240, 300 and 301.