Taxation Administration Amendment Regulations 2007 (No. 1) (Cth)

Taxation Administration Amendment Regulations 2007 (No. 1)¹

Select Legislative Instrument 2007 No. 77

I, PHILIP MICHAEL JEFFERY, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Taxation Administration Act 1953.

Dated 29 March 2007

P. M. JEFFERY

Governor‑General

By His Excellency’s Command

PETER CRAIG DUTTON

Minister for Revenue and Assistant Treasurer

Name of Regulations

These Regulations are the Taxation Administration Amendment Regulations 2007 (No. 1).

Commencement

These Regulations commence on 1 July 2007.

Amendment of Taxation Administration Regulations 1976

(1)Schedule 1 amends the Taxation Administration Regulations 1976.

(2)The amendments made by Schedule 1 apply in relation to a financial year commencing on or after 1 July 2007.

Schedule 1 Amendments

(regulation 3)

[1] Regulation 2, before definition of Act

insert

1997 Tax Act means the Income Tax Assessment Act 1997.

[2] Regulation 25

omit

[3] Paragraph 26 (1) (a)

omit

[4] Paragraph 26 (1) (b)

omit

that Act

insert

the Income Tax Assessment Act 1936

[5] Paragraph 26 (1) (d)

substitute

(d)whether the individual is entitled to a rebate mentioned in section 301‑25, 301‑40, 301‑100, 302‑75 or 302‑85 of the 1997 Tax Act;

[6] Paragraph 26 (1) (e)

omit (first occurring)

that Act

insert

the Income Tax Assessment Act 1936

[7] Regulation 36

substitute

ETPs for which TFN is not quoted

(1)This regulation applies if an individual has not made a TFN declaration that is in effect under Division 3 of Part VA of the Income Tax Assessment Act 1936 to an entity that:

(a)makes an ETP to the individual; or

(b)pays a superannuation lump sum to the individual.

(2)If the individual is a prescribed non‑resident, the amount to be withheld from the ETP under section 12‑85 of Schedule 1 to the Act is the amount worked out by multiplying the number of whole dollars in the taxable component of the payment, by 0.45.

(3)If the individual is not a prescribed non‑resident, the amount to be withheld from the ETP under section 12‑85 of Schedule 1 to the Act is the amount worked out by multiplying the number of whole dollars in the taxable component of the payment, by 0.465.

(4)In this regulation:

employment termination payment has the meaning given by subsection 995‑1 (1) of the 1997 Tax Act;

ETP means an employment termination payment.

superannuation lump sum has the meaning given by subsection 995‑1 (1) of the 1997 Tax Act.

taxable component of the payment means:

(a)a taxable component of an employment termination payment within the meaning given by subsection 995‑1 (1) of the 1997 Tax Act; or

(b)a taxable component of a superannuation benefit within the meaning given by subsection 995‑1 (1) of the 1997 Tax Act.

[8] Subregulation 43A (1)

omit

(1)For section 15‑35

insert

For section 15‑35

[9] Paragraphs 43A (1) (a) and (b)

substitute

(a)for so much of the departing Australia superannuation payment as is a tax free component of the payment (within the meaning of subsection 995‑1 (1) of the 1997 Tax Act) ¾ nil; and

(b)for so much of the departing Australia superannuation payment as is the element untaxed in the fund of the taxable component of the payment (within the meaning of subsection 995‑1 (1) of the 1997 Tax Act) — 40%; and

[10] Subregulation 43A (2)

omit

Note

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