Statutory Rules 1991 No. | 1 240 |
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. |
BILL HAYDEN
Governor-General
By His Excellency's Command,
J. Kerin
Treasurer
1. Commencement
1.1 | Regulation 5 is taken to have commenced on 1 July 1990. |
2. Amendment
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2.1 The Income Tax Regulations are amended as set out in these
Regulations.
2 | Income Tax | 1991 | No. 240 |
3. Regulation 55 (File number reports)
3.1 Subregulation 55 (1):
After "Commissioner", insert "in a form approved by the Commissioner".
4. Regulation 56 (Annual investment income reports)
4.1 Subregulation 56 (1):
Omit the subregulation, substitute:
"(1) A person who at any time during a financial year is an investment body that accepted any investments mentioned in section 2 0 2 D of the Act must give to the Commissioner in a form approved by the Commissioner a written report relating to those investments.".
4 . 2 | Subregulation 56 (4): |
Omit "The report", substitute "Subject to subregulation (4A), the report".
4.3 Subregulation 56 (5):
Omit the subregulation, substitute:
"(4A) In relation to each secondary investment to which section
2 0 2 D D B | of the Act applies, the report must state in respect of the financial |
year: |
(a) the full name of the interposed entity; and |
(b) | the full name of each of the primary investors identified in the descriptive title of the investment in accordance with regulation 56A; and |
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(c) the address of the interposed entity; and |
(d) | the tax file number (if any) quoted, or taken to have been quoted, for the purpose of Part VA of the Act by the interposed entity; and | (e) | where the interposed entity is taken to have quoted the interposed entity's tax file number because of the application of a provision of Division 5 of that Part—the code approved by the Commissioner; and |
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(f) the total amount of income paid by the secondary investment |
(g) | the total amount of any deductions made under Division 3B of Part VI of the Act; and |
(h) the investment reference number (if any).
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"(5) Subject to subregulation (5B), subregulation ( 1 ) does not apply to an investment in relation to a financial year if the total amount of income paid by the person who at any time during the financial year is the investment body that accepted the investment is:
(a) | if the investment is of a kind referred to in item 1 or 2 in the |
table in subsection 2 | 0 | 2 | D | ( 1 ) | of the Act—less than $ 1 2 0; | or |
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(b) | in any other case—less than $ 1. |
"(5A) Subject to subregulation (5B), subregulation ( 1 ) does not apply to a person who at any time during a financial year is an investment body that accepted an investment if the total number of the investments that the person accepted during the financial year is less than 10.
"(5B) Subregulation ( 1 ) applies to an investment in relation to a financial year if the person who at any time during the financial year is the investment body that accepted the investment is required under subsection
2 2 1 Y H Z C ( 1 A ) of the Act to deduct an amount from any income which an
investor is entitled to receive during the financial year in respect of the
investment.".
4.4 Subregulation 56 (6):
Omit "and (5) (b):", substitute ",(4A) (f) and subregulation (5):".
4.5 | Paragraph 56 (6) (b): |
Omit "and".
4.6 Paragraph 56 (6) (c):
Omit the paragraph.
4.7 Subregulation 56 (7):
Omit the subregulation.
4.8 Subregulation 56 (8):
Omit "(7) of this regulation", substitute " ( 5 A ) ".
4.9 Subregulation 56 (9): |
Omit "subregulation (4)", substitute "this regulation".
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5. New regulation 56A
5.1 After regulation 56, insert:
Paragraph 202DDB (1) (b) of the Act: condition
" 5 6 A. | For the purposes of paragraph 2 0 2 D D B (1) (b) of the Act, the |
condition is that the secondary investment must have a descriptive title
which identifies all the primary investors.".
6. New Part 6A
6.1 After Part 6, insert:
"PART 6A—INVESTMENT BODY REMITTER NUMBERS
Issue of investment foody remitter numbers
"57A. For the purposes of section 2 0 2 D D A of the Act, the Commissioner may issue an investment body remitter number to an investment body.
Alteration of investment body remitter numbers
"57B. The Commissioner may, at any time, by written notice given to an investment body to which an investment body remitter number has been issued:
(a) withdraw the number; and
(b) | issue a new investment body remitter number in its place. |
Cancellation of investment body remitter numbers
"57c. | (1) If a person to whom an investment body remitter number |
has been issued is not an investment body, the Commissioner may, by
written notice given to the person, cancel the number.
" (2 ) | The reasons for the cancellation must be set out in the notice. |
Quotation of investment body remitter numbers
" 5 7 D. For the purposes of paragraph 2 0 2 D D A ( 2 ) | (b) of the Act, an |
number to the secondary investment body if it quotes the number to the | interposed entity is taken to have quoted its investment body remitter |
body as if the number were its tax file number.". |
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Income Tax | 1991 | No. | 240 | 5 |
NOTES
1. | Notified in the Commonwealth of Australia Gazette on | 1991. | 31 | July |
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.s; 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 112, 1986; 1987 Nos. 92 and 120; 1988 Nos. 196, 208, 262, 3 8 1, 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 and 398., and 468, 1991 Nos. 20, 121, 156 and 158
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