Income Tax Regulations (Amendment) (Cth)

Statutory Rules 1993

No. 216 1

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Income Tax Regulations 2(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 27 July 1993.

 BILL HAYDEN

 Governor-General

 By His Excellency’s Command,

JOHN DAWKINS

Treasurer

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1.   Commencement

1.1   These Regulations are taken to have commenced on 1 January 1993.

2.    Amendment

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

3.    New regulations 152L and 152M

3.1   After regulation 152K, insert:

Amortisation of expenditure in acquiring

property

“152L.  (1)   For the purposes of subparagraph 570 (1) (a) (iii) of the Act, buildings are a prescribed class of property.

“(2)

For the purposes of paragraph 570 (1A) (b) of the Act, 2.5% is the annual amortisation percentage in relation to the class, or a category of property included in the class.

“(3)

In this regulation, ‘buildings’ means structures that:

• (a)

  are buildings for the purposes of Division 10D of Part III of the Act; and

• (b)

  are not plant or articles within the meaning of section 54 of the Act.”.

Exemption of interests in foreign trusts

“152M. For the purposes of section 513 of the Act, the foreign trusts are set out Schedule 11.”.

4.   New Schedule 11

After Schedule 10, insert:

SCHEDULE 11

Regulation 152M

FOREIGN TRUSTS FOR THE PURPOSES OF PART XI OF THE ACT ESTABLISHED IN COUNTRIES THAT PROHIBIT DIRECT FOREIGN INVESTMENT ON STOCK EXCHANGES IN THOSE COUNTRIES

Chile

Genesis Chile Fund

India

Himalaya Fund

India Fund

SCHEDULE—continued

India Growth Fund

India Magnum Fund

Korea

Baring Korea Fund

Baring New Korea Trust

Daechan Korea Fund

GT Korea Fund

Jardine Fleming (JF) Korea Trust

Korea Asia Fund Ltd

Korea Emerging Company Trust

Korea Equity Trust

Korea-Euro Fund

Korea Growth

Korea International Trust

Korea Liberalisation Fund Ltd

Korea Nineteen Ninety Trust

Korea Small Company Fund

Korea Trust

Seoul International

Seoul Trust

Taiwan

Formosa Fund

JF Taipei Trust

JF Taiwan Trust

Taipei Fund

Taiwan Fund

Taiwan (RoC) Fund

NOTES

1. Notified in the Commonwealth of Australia Gazette on 3 August 1993.

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. 1; 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, 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, 301, 390 and 391; 1992 Nos. 38, 129, 216, 313 and 449; 1993 Nos. 15, 46, 47, 65, 91, 159 and 202.