Income Tax Regulations (Amendment) (Cth)

STATUTORY RULES

1970 No.

REGULATIONS UNDER THE INCOME TAX ASSESSMENT ACT 1936-1970.*

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Income Tax Assessment Act 1936-1970.

Dated this twenty-ninth day of October, 1970.

Paul Hasluck

Governor-General.

By His Excellency’s Command,

Treasurer.

Amendments op the Income Tax Regulations 

Parts.

1. Regulation 2 of the Income Tax Regulations is amended by omitting the words—

“Division 3.—Provisional Tax (Regulations 54ze-54zea).”

and inserting in their stead the words—

“Division 3.—Provisional Tax (Regulation 54zn).”.

2. Regulations 54ze and 54zea of the Income Tax Regulations are repealed and the following regulation is inserted in their stead:—

Provisional tax for the year of income 1970-1971.

“54ze. For the purposes of sub-section (2.) of section 221yc of the Act, the extent to which, and manner in which, the provisional tax otherwise payable by a taxpayer in respect of the income of the year of income ending on the thirtieth day of June, 1971, is to be decreased arc as follows:—

(a) in a case where the provisional income of the taxpayer in respect of that year of income is equal to his taxable income for the year next preceding that year of income—the provisional tax otherwise payable by the taxpayer shall be decreased by the amount, if any, by which the amount of income tax assessed, in accordance with the Income Tax Act 1969, in respect of the taxable income of that next preceding year exceeds the amount of income tax that would have been assessed, in accordance with the Income Tax Act 1970, in respect of the taxable income of that next preceding year if the Income Tax Act 1970 had applied to the assessment of income tax in respect of the taxable income of that next preceding year; or

(b) in any other case—the provisional tax otherwise payable by the taxpayer shall be decreased by the amount, if any, by which the amount of income tax that would have been assessed, in accordance with the Income Tax Act 1969, in respect of the taxable income of that next preceding year if the taxable income had been equal to the provisional income exceeds the amount of income tax that would have

 

* Notified in the Commonwealth Gazette on 1970.

  Statutory Rules 1936, No. 94 as amended to date. For previous amendments of the Income Tax Regulations see footnote   to Statutory Rules 1970, No. , and see also Statutory Rules 1970, No.

22563/70—Price 5c 10/13.10.1970

 

been assessed, in accordance with the Income Tax Act 1970, in respect of the taxable income of that next preceding year—

(i) if the taxable income had been equal to the provisional income; and

(ii) if the Income Tax Act 1970 had applied to the assessment of income tax in respect of the taxable income of that next preceding year.”.

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