Income Tax Regulations (Amendment) (Cth)

Statutory Rules 1988 No. 3811

Income Tax Regulations2 (Amendment)

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

Dated 15 December 1988.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

Paul Keating

Treasurer

 

Regulation 54za of the Income Tax Regulations is repealed and the following regulation substituted:

Variation of amount of notional tax of companies

“54za. (1) The amount of notional tax of a company ascertained in accordance with subsection 221ad (1) of the Act in respect of the year of income commencing on 1 July 1988 is varied in accordance with the formula:

where:

NT is the amount of notional tax of the company in respect of the year of income commencing on 1 July 1988; and

AT is an amount equal to the income tax assessed in respect of the taxable income of the company of the year of income commencing on 1 July 1987.

“(2) For the purposes of subsection 221ad (2) of the Act, the prescribed date is 1 January 1989.

“(3) For the purposes of this regulation, ‘company’ includes a corporate unit trust and a public trading trust but does not include a registered organisation to which subsection 23 (4) of the Income Tax Rates Act 1986 applies.

 

(S.R. 388/88)—Cat. No. 15/7.12.1988

 

“(4) For the purposes of this regulation, a reference to the taxable income of a company shall be read as including a reference to the net income of a corporate unit trust and the net income of a public trading trust.”.

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 Statutory Rules 1988 Nos. 196, 208 and 262 and Act No. 97, 1988.

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