Income Tax Regulations (Amendment) (Cth)

Statutory Rules 1987 No. 1201

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 5 June 1987.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

Paul Keating

Treasurer

 

Principal Regulations

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

Heading to Division 3 of Part VI

2. The Principal Regulations are amended by omitting the heading to Division 3 of Part VI and substituting the following heading:

“Division 3—Notional Tax and Provisional Tax”.

3. After regulation 54z of the Principal Regulations the following regulation is inserted in Division 3 of Part VI:

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 1986 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 1986; and

 

(S.R. 103/87)—Cat. No.  14/26.5.1987

 

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 1985.

“(2) For the purposes of subsection 221ad (2) of the Act, the prescribed date is 1 July 1987.

“(3) For the purposes of this regulation, ‘company’ includes a corporate unit trust and a public trading trust but does not include:

(a) a registered organization to which subsection 23 (4) of the Income Tax Rates Act 1986 applies; or

(b) a non-profit company, not being a registered organization, whose income tax assessed in respect of the year of income commencing on 1 July 1985 does not exceed $1,753.98.

“(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 15 June 1987.

2. Statutory Rules 1936 No. 94 as amended to date. For previous amendments see Note 2 to Statutory Rules 1987 No. 92 and see also Statutory Rules 1987 No. 92.

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