Income Tax Regulations (Amendment) (Cth)

Statutory Rules 1988 No. 3841

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 15 December 1988.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

PAUL KEATING

Treasurer

Commencement

1. Regulation 13 commences on 1 July 1989.

Principal Regulations

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

Interpretation

3. Regulation 3 of the Principal Regulations is amended:

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

“(1) In these Regulations, unless the contrary intention appears:

‘prescribed delegate of the Commissioner’ means a person appointed by the Commissioner to be a prescribed delegate of the Commissioner for the purposes of these Regulations;

‘the Act’ means the Income Tax Assessment Act 1936.”.

(b) by omitting from subregulation (2) “regulation shall be read as a reference to a regulation contained in these Regulations, and any reference to a”;

(c) by omitting from subregulation (2) “to these Regulations”.

Prescribed metals and minerals

4. Regulation 4aa of the Principal Regulations is amended by omitting all the words from and including “minerals are —” to and including “of the Act —” and substituting “minerals are prescribed metals and prescribed minerals for the purposes of paragraph 23 (pa) of the Act:”.

Repeal of regulation 4B

5. Regulation 4B of the Principal Regulations is repealed.

Live stock

6. Regulation 5 of the Principal Regulations is amended:

(a) by omitting from subregulation (1) “(b) of sub-section (1) of section 34” and substituting “34 (1) (b)”;

(b) by omitting from subregulation (2) “livestock” and substituting “live stock”;

(c) by omitting subregulation (3) and substituting the following subregulation:

“(3) For the purposes of section 34 of the Act, the minimum cost price in respect of the natural increase occurring after 30 June 1988 of live stock of a class specified in column 1 in an item in the following table is the price specified in column 2 in that item:

Column 1	Column 2
Class of live stock	Minimum cost price
$
Cattle...................................................................................................................	20
Deer...................................................................................................................	20
Goats...................................................................................................................	4
Horse...................................................................................................................	20
Pigs...................................................................................................................	12
Sheep...................................................................................................................	4”

Prescribed stock exchanges

7. Regulation 7a of the Principal Regulations is amended by omitting from subregulation (2) “the last preceding sub-regulation” and “the sixteenth day of June, 1970” and substituting “subregulation (1)” and “16 June 1970” respectively.

Improvements on leased land

8. Regulation 8 of the Principal Regulations is amended by omitting “(a) of sub-section (1) of section 87” and “Five per centum” and substituting “87 (1) (a)” and “5%” respectively.

Territories

9. Regulation 24 of the Principal Regulations is amended by omitting paragraph (a).

Repeal of regulation 26a

10. Regulation 26a of the Principal Regulations is repealed.

Signatures by or for group employers

11. Regulation 54n of the Principal Regulations is amended:

(a) by omitting from subregulation (2) “the last preceding sub-regulation” and substituting “subregulation (1)”;

(b) by omitting from subregulation (3) “of this regulation”;

(c) by omitting from subregulation (4) “of this regulation” (wherever occurring);

(d) by omitting from subregulation (5) “of this regulation”;

(e) by omitting from subregulation (5) “fourteen” and substituting “14”.

Repeal of regulation 54ze

12. Regulation 54ze of the Principal Regulations is repealed.

Deduction from prescribed payments

13. Regulation 54zed of the Principal Regulations is amended by omitting “15” and substituting “20”.

Deductions from dividends

14. Regulation 54zg of the Principal Regulations is amended:

(a) by omitting from subregulation (1) “30 per centum” and substituting “30%”;

(b) by omitting from subregulation (2) “of this regulation”;

(c) by omitting from subregulation (2) “(1) of section 221YL” and substituting “221YL (1)”;

(d) by omitting from paragraph (2) (c) “15 per centum” and substituting “15%”;

(e) by omitting from paragraph (2) (d) “25 per centum” and substituting “25%”;

(f) by omitting from subregulation (3) “of this regulation”;

(g) by omitting from subregulation (3) “(2) of section 221YL” and substituting “221YL (2)”;

(h) by omitting from paragraph (3) (c) “15 per centum” and substituting “15%”;

(i) by omitting from paragraph (3) (d) “25 per centum” and substituting “25%”;

(j) by omitting from subregulation (4) “of this regulation”;

(k) by omitting from subregulation (5) “of this regulation”.

Minor amendments of the Principal Regulations

15. The Principal Regulations are further amended as set out in the Schedule.

Saving

16. Notwithstanding the amendment made by paragraph 6 (c), subregulation 5 (3) of the Principal Regulations as in force immediately before the commencement of these Regulations continues to apply to the natural increase of a class of live stock specified in column 1 of the table in that subregulation occurring before 1 July 1988.

SCHEDULE Regulation 15

FURTHER AMENDMENTS OF THE PRINCIPAL REGULATIONS

Regulation 4:

Omit “(6) of section 16”, substitute “16 (6)”.

Regulation 6:

Omit “(2) of section 37”, substitute “37 (2)”.

Subregulation 21 (1):

Omit “of these Regulations”.

Subregulation 21 (2):

Omit “of these Regulations”.

Subregulation 22a (1):

Omit “of these Regulations”.

Subregulation 22a (2):

Omit “of these Regulations”.

Subregulation 22b (1):

Omit “the next succeeding regulation”, substitute “regulation 22c”.

Subregulation 22b (3):

Omit “the next succeeding regulation”, substitute “regulation 22c”.

Subregulation 22b (4):

Omit “the next succeeding regulation”, substitute “regulation 22c”.

SCHEDULE— continued

Regulation 30:

Omit “the last preceding regulation”, substitute “regulation 29”.

Subregulation 33 (2):

Omit “(a) to (e) (inclusive) in sub-regulation (1) of this regulation”, substitute “(1) (a)—(e) (inclusive)”.

Regulation 43:

Omit “(a) of sub-section (2) of section 170”, substitute “170 (2) (a)”.

Subregulation 51 (1):

Omit “(7) of section 218”, substitute “218 (7)”.

Regulation 52:

Omit “(5) of section 220”, substitute “220 (5)”.

Paragraph 53 (e):

Omit “King on behalf of the”.

Subregulation 54a (1), paragraph (c) of the definition of “prescribed non-resident”:

Omit “VII”, substitute “XIII”.

Subregulation 54e (1):

Omit “the next succeeding sub-regulation”, substitute “subregulation (2)”.

Regulation 54j:

Omit “(ii) of paragraph (f) of sub-section (5) of section 221f”, substitute “221f (5) (f) (ii)”.

Paragraph 54k (2) (b):

Omit “seven”, substitute “7”.

Subregulation 54x (2):

Omit “seven”, substitute “7”.

Regulation 55zga:

Omit “ten per centum”, substitute “10%”.

Regulation 54zh:

Omit “the last two preceding regulations”, substitute “regulations 54zg and 54zga”.

Regulation 54zj:

Omit “(a) of sub-section (1) of section 221yn”, substitute “221yn (1) (a)”.

Regulation 54zk:

Omit “(b) of sub-section (1) of section 221yn”, substitute “221yn (1) (b)”.

Subregulation 58b (1):

Omit “Commonwealth”, substitute “Australian”.

Regulation 58c:

Omit “in the care of the Deputy Commissioner of Taxation”.

Regulation 59:

Omit “of this regulation”.

SCHEDULE— continued

Regulation 64:

Omit “(3) of section 264”, substitute “264 (3)”.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 21 December 1988.

2. Statutory Rules 1936 No. 94 as amended to date. For previous amendments see Note 2 to Statutory Rules 1988 No. 196 and see also