Income Tax Regulations (Amendment) (Cth)

Statutory Rules

1980 No. 149

REGULATIONS UNDER THE INCOME TAX ASSESSMENT ACT

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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 this eleventh day of June 1980.

 ZELMAN COWEN

 Governor-General

 By His Excellency’s Command,

JOHN HOWARD

Treasurer

_______________

AMENDMENTS OF THE INCOME TAX REGULATIONS2

Deductions from dividends

 Regulation 54ZG of the Income Tax Regulations is amended—

• (a)

  by omitting from sub-regulation (1) “thirty” and substituting “30”;

• (b)

  by omitting from sub-regulation (2) “is fifteen per centum of the dividend” and substituting the following word and paragraphs:

 “is—

• (c)

  except where paragraph (d) applies—15 per centum of the dividend; or

• (d)

  where—

  • (i)

    the address referred to in paragraph (a) in relation to the holder, or any holder, as the case may be, of the share or stock is in the Republic of the Philippines; or

  • (ii)

    the company has been authorized or directed by the holder or any of the holders to pay dividends in respect of the share or stock at a place in the Republic of the Philippines—

 25 per centum of the dividend”; and

• (c)

  by omitting from sub-regulation (3) “is fifteen per centum of the dividend or the part of the dividend” and substituting the following word and paragraphs:

 “is—

• (c)

  except where paragraph (d) applies—15 per centum of the dividend or of the part of the dividend; or

• (d)

  where the prescribed country of which the person referred to in paragraph (b) is a resident is the Republic of the Philippines—25 per centum of the dividend or of the part of the dividend.”

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 17 June 1980.

2. Statutory Rules 1936 No. 94 as amended to date. For previous amendments see Note 2 to Statutory Rules 1980 No. 86 and see also