Income Tax Regulations (Amendment) (Cth)

Statutory Rules 1993 No. 202

Income Tax Regulations2 (Amendment)

I, T H E 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 1993. 13 July

BILL HAYDEN

Governor-General

By His Excel lency 's Command,

GEORGE GEAR

Assistant Treasurer

1. Amendment

1.1 The Income Tax Regulations are amended as set out in these

Regulations.

[ N O T E: These Regula t ions c o m m e n c e on gazcttal: sec Acts Interpretation Act

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1901, s. 48.]

2 Income Tax 1993 No. 202

2. Regulation 9 (Prescribed Life Tables—subsection 27H (4) of

the Act)

2.1 Omit the regulation, substitute:

Prescribed Life Tables—subsection 27H (4) of the Act

"9. For the purposes of the definition of 'life expectation factor' in subsection 27H (4) of the Act, the following Australian Life Tables published by the Australian Government Actuary are prescribed:

(a)	for an annuity first commencing to be payable before 1 September 1988—the Australian Life Tables 1975- 1977;
(b)	for an annuity first commencing to be payable on or after 1 September 1988 but before 1 May 1993—the Australian Life Tables 1980-1982;
(c)	for an annuity first commencing to be payable on or after 1 May 1993 but before 1 July 1993—the Australian Life Tables 1985-1987;
(d)	for an annuity first commencing to be payable on or after 1 July 1993—the Australian Life Tables that are most recently published before the year in which the annuity first commences to be payable.

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

3.1 Subregulation 42 (1 ):

Omit the definitions of "concessional component", "post-June 83 component", "pre-July 83 component", "taxed e lement of the post -June 83 component", "undeducted contr ibut ions" and "untaxed element of the post-June 83 component".

3.2 Subregulation 42 (3):

Omit the subregulation, substitute:

"(3) An application must:

(a) be in triplicate, in the appropriate approved form; and

(b)	set out, in respect of each of the components of the ETP
that are specified in the form, the amount (if any) that the taxpayer wishes to be taken to have been expended

in making the roll-over payment; and

(c) be signed by the taxpayer and dated on the day it is made.

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Income Tax 1993 No. 202

"(3A) If the amounts set out under paragraph (3) (b) are consistent with the amounts set out in the taxpayer's roll-over nomination under subregulation 99 (2), the application is taken to authorise the taxpayer's employer to make payment of those amounts to the fund or person to whom the application is made.".

3.3 Add at the end:

"(7) The Commissioner may approve forms for the purposes of this regulation, and may approve:

(a) different forms for use in different cases; or

(b) forms that provide for different information in different cases.".

4. Regulation 97 (Interpretation)

4.1 Subregulation 97 (2):

Omit the definitions of " c o n c e s s i o n a l c o m p o n e n t ", " n o n -

qualifying component", and "undeducted contributions".

4.2 Subregulation 97 (2):

Insert the following definition:

"'retained amount of the pre-July 83 component' and 'retained

amount of the post-June 83 component' have the same meanings

as in subsection 27 AC (2) of the Act.".

5. Regulation 98 (Rates of ded uction—ETP)

5.1 Subregulation 98 (1):

Omit Table 1, substitute:

"TABLE 1

s. 27B (l)(a) amounts

Rates of deductions

(%) for year of income

commencing on 1 July

1991 1992 1993

Class of eligible Part that is subject or

Item assessable income to deduction later

1	27B (l)(a)-B55-F84	derived amount	23.25	21.25	21.40
2	27B (l)(a)-A55-F84	low rate part	4.25	0.00	0.00
3	27B (l)(a)-A55-F84	remaining part	19.25	16.25	16.40

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4 Income Tax 1993 No.

Rates of deductions

(%) for year of income

commencing on 1 July

1991 1992 1993

Class of eligible Part that is subject or

Item assessable income to deduction later

4 27B (l)(a)-B55-F85 derived amount 21.25 21.25 21.40

5	27B (l)(a)-A55-F85	low rate part	0.00	0.00	0.00
6	27B (l)(a)-A55-F85	remaining part	16.25	16.25	16.40
7	27B (l)(a)-B55-F86	derived amount	21.25	21.25	21.40
8	27B (l)(a)-A55-F86	low rate part	0.00	0.00	0.00
9	27B (l)(a)-A55-F86	remaining part	16.25	16.25	16.40
10	27B (l)(a)-B55-F87	derived amount	21.25	21.25	21.40
11	27B (l)(a)-A55-F87	low rate part	0.00	0.00	0.00
12	27B (l)(a)-A55-F87	remaining part	16.25	16.25	16.40

5.2 Subregulation 9 8 ( 1 ):

Omit Table 2, substitute:

TABLE 2

s. 27B ( l ) (b) amounts

Rates of deductions

(%) for year of income

commencing on 1 July

1990; 1993 or later

Class of eligible Part that is subject 1991;

Item assessable income to deduction 1992

1	27B (l)(b)-B55	derived amount	31.25	31.40
2	27B (l)(b)-A55	low rate part	16.25	16.40
3	27B (l)(b)-A55	remaining part	31.25	31.40

5.3 After subregulation 98 (1), insert:

"(1 A) For the purpose of subregulation (1), the prescribed rate

of deduction in respect of an amount of eligible assessable income

received, or entitled to be received, after 30 June 1993 but before 1

Table 1 or 2, as the case may be, if the amount had been received, or	August 1993, is taken to be the rate that would be applicable under
entitled to be received, on or before 30 June 1993.".
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Income Tax 1993 No. 5

5.4 Paragraph 98 (8) (c):

Omit "net relevant amount", substitute "sum of the retained amounts of the pre-July 83 component and the post-June 83 component, respectively, of the ETP,".

5.5 Paragraph 98 (8) (d): of the pre-July 83 component and the post-June 83 component, respectively, of the ETP,".

5.6 Subregulation 98 (10):

Omit the subregulation.

6. Regulation 99 (Statement of termination payment)

6.1 Subparagraph 9 9 ( 1 ) (a) (i):

Omit the subparagraph, substitute:

"(i) state, in triplicate, in the appropriate approved form and to the best of the employer ' s knowledge, the amount of each of the components of the ETP that are specified in the form; and".

6.2 Subregulation 99 (2):

Omit the subregulation, substitute:

"(2) A roll-over nomination must:

(a) be in the appropriate approved form; and

(b) set out the amount (if any) to be paid in respect of each of the components of the ETP that:

(i) are payments of any of the kinds referred to in paragraph 27A (12) (a), (b) or (c) of the Act; and

(ii) are specified in the form; and

(c) be signed by the employee and dated on the day it is made.".

6.3 Subregulation 99 (5):

Omit the subregulation.

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6	Income	Tax	1993	No.
6.4 Add at the end:

"(8) The Commissioner may approve forms for the purposes of this regulation, and may approve:

(a) different forms for use in different cases; or

(b) forms that provide for different information in different cases.".

NOTES

1. Notified in the Commonwealth of Australia Gazette on 1993. 20 July

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 N o. 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, 9 0 and 102; 1953 Nos. 55 and 88; 1954 Nos. 11, 9 9 and 112; 1955 No. 2 3; 1956 Nos. 34, 35 and 96; 1957 Nos. 39 and 74; 1958 Nos. 27 and 70; 1959 Nos. 25 and 8 1; 1960 Nos. 44 and 74; 1962 Nos. 15, 44 and 112; 1963 Nos. 5 3 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. 4 3, 126, 168 and 2 1 3; 1971 Nos. 120 and 148; 1972 Nos. 4 8, 50 and 137; 1973 N o. 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, 4 0 8, and 416; 1985 Nos. 2 1, 148, 274 and 278; 1986 No. 325 and Acts Nos. 2 8, 4 9 and 112, 1986; 1987 Nos. 92 and 120; 1988 Nos. 196, 208, 262, 3 8 1, 382, 383 and 384 and Act N o. 97, 1988; 1989 Nos. 67, 80, 115, 123, 124, 141, 2 5 0 and 358; 1990 Nos. 19, 126, 151, 152, 192, 347, 390, 398 and

4 6 8; 1991 Nos. 20, 121, 156, 158, 240, 300, 3 0 1, 390 and 3 9 1; 1992 Nos. 38,

129, 216, 313 and 449.

, 1993 Nos. 15, 46, 47, 65, 91 and 159

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