Income Tax Regulations (Amendment) (Cth)

Statutory Rules 1983 No. 2131

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 29 September 1983.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

Minister of State for Housing and Construction for and on behalf of the Treasurer

Commencement

1. These Regulations shall come into operation on 1 October 1983.

Principal Regulations

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

Interpretation

3. Regulation 54db of the Principal Regulations is amended by inserting after the definition of “prescribed rate of deductions” in sub-regulation (1) the following definition:

“‘relevant combined taxable income’, in relation to an employee, means the amount that is for the purposes of Subdivision AA of Division 17 of Part III of the Act the relevant combined taxable income of the employee;”.

Form of declaration

4. Regulation 54de of the Principal Regulations is amended by inserting after paragraph (2) (f) the following paragraph:

“(fa) the relevant combined taxable income in relation to the employee or, where the amount of that income is not known to the employee, the amount that, having regard to the facts and circumstances existing at

 

S.R. No. 233/83 Cat. No. Recommended retail price 40c 10/20.9.1983

the date on which the declaration is made, the employee regards as a fair and reasonable estimate of the relevant combined taxable income in relation to him;”.

Rate of rebate

5. Regulation 54dk of the Principal Regulations is amended—

(a) by omitting from sub-regulation (1) all words from and including “shall” and substituting the following:

“shall be reduced—

(a) except where paragraph (b) applies—by an amount equal to—

(i) the amount (being a multiple of 5 cents) that is, or is nearest to, the product of 0.0057 and the estimated home loan interest specified in the declaration; or

(ii) the prescribed amount,

whichever is the less; or

(b) where the employee has, in the declaration, declared as being the relevant combined taxable income in relation to him or his estimate of the amount of that income, as the case may be, an amount (in this paragraph referred to as the ‘declared amount’) that exceeds $24,300—by such amount as is ascertained in accordance with the formula—

where—

A is the amount ascertained in accordance with paragraph (a); and

B is—

(i) where sub-paragraph (ii) does not apply—27,900; or

(ii) where the number of whole dollars in the declared amount is less than 27,900—the number of whole dollars in that amount.”; and

(b) by inserting after sub-regulation (1) the following sub-regulation:

“(1a) In any calculation for the purposes of paragraph (1) (b)—

(a) if the value of the term is less than 20 cents, nil shall be substituted for that value; and

(b) if the value of that term is an amount that exceeds 20 cents and is not a multiple of 5, the amount nearest to that amount that is such a multiple shall be substituted for that value.”.

Transitional

6. (1) A declaration under Subdivision AA of Division 2 of Part VI of the Principal Regulations as in force immediately before 1 October 1983 that was furnished by an employee to his employer or to the Commissioner before that

 

date or a certificate issued before 1 October 1983 by the Commissioner to an employee in accordance with regulation 54dg of the Principal Regulations as in force immediately before that date (being a declaration, or a certificate, relating to the financial year that commenced on 1 July 1983) has no effect for the purposes of that Subdivision as amended by these Regulations.

(2) An employer who has in his possession a certificate referred to in sub-regulation (1) in relation to an employee shall, as soon as possible, return the certificate to the employee.

(3) An employee who has in his possession a certificate referred to in sub-regulation (1) in relation to him shall, as soon as possible, return the certificate to the Commissioner.

(4) Where an employee who, before 1 October 1983, furnished his employer or the Commissioner with a declaration (being a declaration relating to the financial year that commenced on 1 July 1983), and a statement, under Subdivision AA of Division 2 of Part VI of the Principal Regulations as in force immediately before the first-mentioned date, furnishes his employer or the Commissioner with a declaration under that Subdivision as amended by these Regulations relating to that financial year, then—

(a) the employee is not required to furnish with the last-mentioned declaration a statement in accordance with that Subdivision as so amended; and

(b) the first-mentioned statement shall be deemed to have been furnished under that Subdivision as so amended.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 September 1983.

2. Statutory Rules 1936 No. 94 as amended to date. For previous amendments see Note 2 to Statutory Rules 1983 No. 79 and see also Statutory Rules 1983 Nos. 79, 87 and 111.

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