Income Tax Regulations (Amendment) (Cth)

Statutory Rules 1990 No. 1521

Income Tax Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Income Tax Assessment Act 1936.

Dated 18 June 1990.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

Minister of State for Employment Education and Training for and on behalf of the Treasurer.

 

Principal Regulations

1. In these Regulations, “Principal Regulations” means the Income Tax Regulations.

Returns by persons other than companies

2. Regulation 10 of the Principal Regulations is amended:

(a) by adding at the end of paragraphs (1) (a), (b) and (c) “and”;

(b) by omitting from paragraph (1) (d) “Sources of Information and Certificate to be signed by Tax Agents;”;

(c) by adding at the end of subregulation (1) the following word and paragraph;

“; and (f) where an agent has charged a fee for preparing or assisting in the preparation of the return, incorporate a certificate, signed in accordance with section 165 of the Act, in the form specified in subregulation (3).”;

 

(S.R. 163/90)—Cat. No. 14/7.6.1990

 

(d) by adding at the end the following subregulation:

“(3) For the purposes of subsection 165 (1) of the Act, the prescribed form of agent’s certificate in relation to the form of return applicable in the case of persons other than companies is as follows:

‘I, [full name of tax agent],having charged a fee for preparing or assisting in the preparation of this return, hereby certify that this return has been prepared in accordance with the information supplied by the taxpayer. The following books of accounts were maintained by or on behalf of the taxpayer:

[particulars of books of accounts]’.”.

Returns by companies

3. Regulation 11 of the Principal Regulations is amended:

(a) by omitting subregulation (1) and substituting the following subregulation:

“(1) The form of return applicable in the case of companies must:

(a) provide for a statement reconciling the net profit as shown in the profit and loss account with the net taxable income; and

(b) where an agent has charged a fee for preparing or assisting in the preparation of the return, incorporate a certificate, signed in accordance with section 165 of the Act, in the form specified in subregulation (5); and

(c) provide for a declaration by the Public Officer that the particulars shown in the return and the relevant records used to ascertain the taxable income, as shown, derived by the company from all sources in and out of Australia during the year of income are true and correct.”;

(b) by omitting from subregulation (2) “Every” and substituting “Subject to subregulations (3) and (4), every”;

(c) by adding at the end the following subregulations:

“(4) The requirement of subregulation (2) that a return be accompanied by a statement referred to in that subregulation is satisfied if the statement is lodged, when called for by the Commissioner either by general notice published in the Gazette or by direct notice to the company, at the place where, under these Regulations, the return to which it relates is to be lodged or at such other place as is specified in the notice.

“(5) For the purposes of subsection 165 (1) of the Act, the prescribed form of agent’s certificate in relation to the form of return applicable in the case of companies is as follows:

‘I, [full name of tax agent],having charged a fee directly or indirectly for preparing or assisting in the preparation of this

return, hereby certify that this return has been prepared in accordance with the information supplied by the taxpayer.’.”.

Simplified return forms

4. Regulation 11 A of the Principal Regulations is amended by inserting “or alter” after “omit”.

Repeal

5. Regulation 33 of the Principal Regulations is repealed.

First Schedule

6. The First Schedule to the Principal Regulations is amended by omitting Form 7.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 25 June 1990.

2.Statutory Rules 1936 No. 94 as amended to date. For previous amendments see Note 2 to Statutory Rules 1990 No. 19 and see also Statutory Rules 1990 Nos. 19, 126 and 151.

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