Income Tax Regulations (Amendment) (Cth)

Statutory Rules 1995

No. 139 1

__________________

Income Tax Regulations 2(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 8 June 1995.

 BILL HAYDEN

 Governor-General

By His Excellency’s Command,

PAUL ELLIOTT

Parliamentary Secretary to the Treasurer for the Treasurer

____________

1.   Commencement

1.1   These Regulations commence on 1 July 1995.

2.   Amendment

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

3.   Regulation 42 (Eligible termination payments—roll-over)

3.1   Subregulation 42 (6):

Omit “subregulation 99 (6)”, substitute “regulation 99A”.

4.   Regulation 99 (Statement of termination payment)

4.1   Subregulation 99 (1):

Omit “Subject to this regulation,”, substitute “Subject to regulation 99A,”.

4.2   Subregulation 99 (6):

Omit the subregulation.

5.   New regulation 99A

5.1   After regulation 99, insert:

Circumstances in which regulation 99 does not apply

“99A.

(1) In this regulation:

‘fund’ means:

• (a)

  a complying superannuation fund; or

• (b)

  a complying ADF; or

• (c)

  a life assurance company; or

• (d)

  a registered organisation;

within the meaning of subsection 27A (1) of the Act;

‘roll-over’ has the meaning given by subsection 27A (1) of the Act.

“(2)

Regulation 99 does not apply in relation to an ETP if:

• (a)

  the whole of the ETP is to be expended in making a roll-over; and

• (b)

  the roll-over is to be made by one fund (‘the transferor fund’) directly to another fund (‘the transferee fund’); and

• (c)

  if the roll-over is made at the instigation of the person, the person demonstrates, to the satisfaction of the trustee of the transferor fund, that the trustee of the transferee fund consents to the roll-over; and

• (d)

  the trustee of the transferor fund gives the trustee of the transferee fund:

  • (i)

    the following information about the person:

    • (A)

      his or her name;

    • (B)

      his or her date of birth;

    • (C)

      the date on which he or she became a member of the transferor fund;

    • (D)

      his or her eligible service period; and

  • (ii)

    the total amount to be paid to the transferee fund; and

  • (iii)

    the information required to be included in the statement referred to in subparagraph 99 (1) (a) (i) (other than the pre-July 83 component and the taxed element of the post-June 83 component); and

  • (iv)

    a statement of the amounts of the person’s preserved benefits, restricted non-preserved benefits and unrestricted non-preserved benefits (within the meaning of Part 6 of the Superannuation Industry (Supervision) Regulations).

“(3)

The information required to be given by paragraph (2) (d) may be given electronically.”.

____________________________________________________________

NOTES

1. Notified in the Commonwealth of Australia Gazette on 15 June 1995.

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,

NOTES— continued

 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 and 107; Act No. 30, 1995.