Income Tax Regulations (Amendment) (Cth)

Statutory Rules 1990 No. 1511

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,

John Dawkins

Minister for Employment, Education and Training for and on behalf of the Treasurer

 

Returns by companies

1. Regulation 11 of the Income Tax Regulations is amended by omitting subregulation (3) and substituting the following subregulation:

“(3) Where a company has given a report to the Commissioner under subregulation 43c (1) in respect of a period, paragraph (1) (ab)and subregulation (2) of this regulation do not apply in relation to the company in respect of that period.”.

File number reports

2. Regulation 43b of the Income Tax Regulations is amended by inserting after subregulation (1) the following subregulation:

“(1a) Subregulation (1) does not apply to an investment body in relation to a reporting period in respect of which:

(a) there is in force an agreement between the investment body and the Commonwealth relating to the reporting of tax file numbers; and

(b) the investment body has complied with the provisions of the agreement.”.

 

(S.R. 130/90)—Cat. No. 14/24.5.1990

 

Annual investment income reports

3. Regulation 43c of the Income Tax Regulations is amended:

(a) by omitting subregulation (4) and substituting the following subregulation:

“(4) The report must state, in relation to each investment, in respect of the financial year:

(a) the full name of:

(i) the investor; or

(ii) each of 2 investors; or

(iii) 2 of 3 or more investors;

as the case requires; and

(b) the address of:

(i) the investor; or

(ii) 1 of 2 or more investors;

as the case requires; and

(c) where there were more than 2 investors—that fact; and

(d) the tax file number (if any) quoted, for the purpose of Part V a of the Act, by:

(i) the investor; or

(ii) each of 2 investors; or

(iii) 2 of 3 or more investors;

as the case requires; and

(e) where an investor is to be taken to have quoted his or her tax file number because of the application of a provision of Division 5 of that Part—the code approved by the Commissioner; and

(f) the total amount of income paid by the investment body; and

(g) the total amount of any deductions made under Division 3b of Part VI of the Act; and

(h) where the investment body has paid an amount of income to a non-resident:

(i) the overseas address of the non-resident; and

(ii) the overseas address code applicable to that address, being one of the codes specified by the Commissioner; and

(iii) the total amount of deductions (if any) made under Division 4 of Part VI of the Act;

(j) the investment reference number (if any).”;

(b) by omitting paragraph (5) (b) and substituting the following paragraph:

“(b) the total amount of income, in respect of the investment, paid to one or more persons by the investment body during the financial year is:

(i) where the investment is one of the kinds mentioned in item 1 or 2 in the table in subsection 202d (1) of the Act—not less than $120; or

(ii) in any other case—not less than $1.”.

(c) by omitting “(4) (d)” from subregulation (6) and substituting “(4) (f) and (h)”;

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

“(9) In subregulation (4) ‘investor’,in relation to an investment in relation to a financial year, means a person who was, at any time during the financial year, an investor, as defined in section 202d of the Act, in relation to the investment.”.

Employee may quote tax file number

4. Regulation 54dar of the Income Tax Regulations is amended by omitting subregulation (3).

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 No. 19 and 126.

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