Income Tax Regulations (Amendment) (Cth)

Statutory Rules 1997No. 197 1

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Income Tax Regulations2(Amendment)

I, The 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 9 July 1997.

 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 1997.

2.   Amendment

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

3.   Regulation 5 (Allowances and bounties prescribed for the purposes of subparagraph 23 (t) (iii))

[NOTE:  The following note should be inserted after regulation 5:

“[NOTE: For allowances and bounties

 prescribed for the 1997-98 or a later income year: see items 1.1 and 1.2 in Section 51-5 of the Income Tax Assessment Act 1997 and the Income Tax Assessment Regulations.]”.]

4.   Regulation 10 (Live stock)

4.1   Subregulation 10 (1):

Omit the subregulation.

[NOTE:  The following note should be inserted after subregulation 10 (3):

“[NOTE:  For working out the cost of natural increase of live stock occurring during the 1997-98 or a later income year: see section 70-55 of the Income Tax Assessment Act 1997 and the Income Tax Assessment Regulations.]”.]

5.   Regulation 11 (Agreement by trustee and beneficiaries)

[NOTE:  The following note should be inserted after regulation 11:

“[NOTE:  If the date of death is during the 1997-98 or a later income year: see section 70-105 of the Income Tax Assessment Act 1997.]”.]

6.   Regulation 80 (Rate of deductions—employee in receipt of retirement amounts etc.)

6.1   Paragraph 80 (a):

Omit the paragraph, substitute:

• “(a)

  an amount mentioned in section 15-3 of the Income Tax Assessment Act 1997; or”.

7.   Regulation 151 (Rebate in respect of certain pensions)

7.1   Paragraph 151 (7) (b):

Omit the paragraph, substitute:

• “(b)

  the pension payments were exempt payments under Subdivision 52-A or 52-B of the Income Tax Assessment Act 1997;”.

8.   Regulation 152L (Amortisation of expenditure in acquiring property)

8.1   Paragraph 152L (3) (b):

Omit the paragraph, substitute:

• “(b)

  are not plant within the meaning given by section 42-18 of the Income Tax Assessment Act 1997.”.

  

NOTES

1. Notified in the Commonwealth of Australia Gazette on 16 July 1997.

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 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 and 196.