Income Tax Regulations (Amendment) (Cth)

Statutory Rules 1998No. 163 1

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Income Tax Regulations2 (Amendment)

I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Income Tax Assessment Act 1936.

Dated 18 June 1998.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

C. R. KEMP

Assistant Treasurer

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1.   Commencement

1.1   These Regulations commence on 1 July 1998.

2.   Amendment

2.1   The Income Tax Regulations are amended as set out in these Regulations.

3.   Regulation 70 (Interpretation)

3.1   Subregulation 70 (1):

After the definition of relevant period, insert the following definitions:

“savings offset amount, in relation to a declaration under this Subdivision, means the amount that, under subparagraph 89 (1) (c) (iib), the employee has specified in the declaration as the amount of the savings tax offset to which the employee claims to be entitled. 

savings tax offset, in relation to an income year, means the tax offset under Subdivision 61-A of the Income Tax Assessment Act 1997.”.

4.   New regulation 83B

4.1   After regulation 83A, insert:

Rate of deductions—employee claiming savings offset amount

 “83B. If:

• (a)

  an employee (other than an employee to whom regulation 81 applies) has given to his or her employer a declaration under subregulation 85 (1); and

• (b)

  in that declaration, the employee has claimed a savings tax offset;

the prescribed rate of deductions to be made for the purposes of section 221C of the Act by the employer from payments of salary or wages (other than an amount referred to in paragraph 80 (a), (b) or (c) or regulation 80A or 82) that the employee receives or is entitled to receive in respect of a week, or part of a week, is the amount equal to the difference between:

• (c)

  the amount that would, but for this regulation, be the prescribed rate of deductions for that week, or part of that week, for the employee in accordance with regulation 72, 73, 74, 75, 79 or 83A, as the case requires; and

• (d)

  the weekly savings offset amount, that is, the amount, worked out to the nearest 5 cents, equal to 1.9% of the savings offset amount.”.

5.   Regulation 85 (Giving a declaration)

5.1   Paragraphs 85 (1) (a), (b), (c), (d), (da) and (e):

Omit the paragraphs, substitute:

• “(a)

  the general exemption; or

• (b)

  the general exemption, together with one or more of the following:

  • (i)

    a rebate of the kind referred to in section 79A of the Act;

  • (ii)

    the concessional rebates of the kinds referred to in sections 159J, 159K and 159L of the Act;

  • (iii)

    a family tax assistance benefit;

  • (iv)

    a savings offset amount; or

• (c)

  the employee’s status as a prescribed non-resident;”.

6.   Regulation 89 (Form and contents of declaration)

6.1   Paragraph 89 (1) (c):

After subparagraph 89 (1) (c) (iia), insert:

• “(iib)

  where the employee desires to have a savings tax offset taken into account in determining the prescribed rate of deductions to be made for the purposes of section 221C of the Act—the savings offset amount.”.

6.2   Subparagraph 89 (1) (c) (iii):

Omit the subparagraph, substitute:

• “(iii)

  the sum of the amounts, if any, specified in

  sub-subparagraph (i) (B) and subparagraphs (ii), (iia) and (iib).”.

7.   Regulation 92 (Commissioner’s certificate)

7.1   After subparagraph 92 (a) (iiia), insert:

• “(iiib)

  the savings offset amount, if any, in relation to the employee; and”.

8.   Regulation 93 (Effect of certificate)

8.1   Paragraph 93 (1) (e):

Add at the end:

• “(v)

  the savings offset amount, if any, in relation to the employee specified in the certificate under subparagraph 92 (a) (iiib) were specified in that declaration under subparagraph 89 (1) (c) (iib); and”. 

9.   Regulation 95 (Change in circumstances affecting entitlement)

9.1   Subregulation 95 (1):

Omit “Act or to a family tax assistance benefit, with”, substitute “Act, to a family tax assistance benefit or to a savings tax offset, with”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 25 June 1998.

2. Statutory Rules 1936 No. 94 as amended by 1939 Nos. 6 and 42; 1940 Nos. 138 and 289; 1941 Nos. 120 and 327; 1942 Nos. 339 and 553; 1943 Nos. 80, 127 and 151; 1944 Nos. 90 and 124; 1945 Nos. 12, 85, 169 and 192; 1946 No. 135; 1947 Nos. 77 and 173; 1948 Nos. 115 and 162; 1949 Nos. 25 and 50; 1950 Nos. 63 and 101; 1951 Nos. 136 and 157; 1952 Nos. 89, 90 and 102; 1953 Nos. 55 and 88; 1954 Nos. 11, 99 and 112; 1955 No. 23; 1956 Nos. 34, 35 (repealed by 1956 No. 96) and 96; 1957 Nos. 39 and 74; 1958 Nos. 27 and 70; 1959 Nos. 25 and 81; 1960 Nos. 44 and 74; 1962 Nos. 15, 44 and 112; 1963 Nos. 53 and 92; 1964 Nos. 74, 121 and 134; 1965 Nos. 133 and 187; 1966 No. 156; 1967 Nos. 112 and 126; 1968 No. 1; 1969 No. 68; 1970 Nos. 43, 126, 168 and 213; 1971 Nos. 120 and 148; 1972 Nos. 48, 50

NOTES—continued

and 137; 1973 No. 266; 1974 Nos. 193, 226 and 267; 1975 Nos. 88, 89, 99,

101 and 213; 1976 Nos. 115, 188 and 212; 1977 Nos. 77, 107 and 248; 1978 Nos. 85 and 193; 1979 Nos. 126 and 239; 1980 Nos. 86, 137 and 149; 1981 Nos. 116 and 360; 1982 Nos. 115, 128, 267 and 280; 1983 Nos. 79, 87, 111, 213 and 319; 1984 Nos. 172, 286, 408 and 416; 1985 Nos. 21, 148, 274 and 278; 1986 No. 325; Acts Nos. 28, 49 and 112, 1986; Statutory Rules 1987 Nos. 92 and 120; 1988 Nos. 196, 208, 262, 381, 382, 383 and 384; Act No. 97, 1988; Statutory Rules 1989 Nos. 67, 80, 115 (as amended by 1989 No. 358), 123, 124, 141, 250 and 358; 1990 Nos. 19, 126, 151, 152, 192, 347, 390, 398 and 468; 1991 Nos. 20, 121, 156, 158, 240, 300, 301, 390 and 391;

 1992 Nos. 38, 129, 216, 313 and 449; 1993 Nos. 15, 46, 47, 65, 91, 159, 202, 216, 275, 288 and 370; 1994 Nos. 95, 96, 127, 174, 195, 219, 399, 412, 460, 461 and 462; 1995 Nos. 58, 107, 139, 152, 153, 194, 316, 356, 381, 382, 383 and 447; Act No. 30, 1995; Statutory Rules 1996 Nos. 38, 56, 114, 124, 133, 150, 185, 274, 320, 345 and 346; 1997 Nos. 68, 141, 148, 169, 176, 191, 196, 197, 270, 338, 368 and 416; 1998 Nos. 14 and 92.