STATUTORY RULES.
1952. No. 102.
REGULATIONS UNDER THE INCOME TAX AND SOCIAL SERVICES CONTRIBUTION ASSESSMENT ACT 1936-1952.*
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Income Tax and Social Services Contribution Assessment Act 1936-1952.
Dated this fourth day of December, 1952.
Governor-General.
By His Excellency’s Command,
Treasurer.
Amendments of the Income Tax and Social Services Contribution Regulations.†
Specified metals and minerals for purposes of sec. 23 (p) of the Act.
1.—(1.) Regulation 4aa of the Income Tax and Social Services Contribution Regulations is amended by omitting the words “Tin, and” and inserting in their stead the words—
“Tin,
Uranium, and”.
(2.) The amendment effected by this regulation applies to assessments in respect of income of the year of income that commenced on the first day of July, 1952, and in respect of income of all subsequent years.
2. After regulation 54zb of the Income Tax and Social Services Contribution Regulations the following regulation is inserted in Division 3 of Part VI.:—
Provisional tax and contribution for year of income 1952-1953.
“54zc. The provisional tax and contribution payable, but for this regulation, by a taxpayer in accordance with the provisions of section 221yc of the Act in respect of the income of the year of income ending on the thirtieth day of June, 1953, shall be decreased to the amount that would be payable if the references in sub-section (1.) of that
* Notified in the Commonwealth Gazette on , 1952.
† Statutory Rules 1936, No. 94, as amended by Statutory Rules, 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; and 1952, Nos. 89 and 90.
4738.—Price 3d. 9/6.11.1952.
section, in its application in respect of that provisional tax and contribution, to the income tax assessed in respect of the year next preceding that year of income were read as references to the income tax so assessed, reduced by the amount by which the income tax so assessed is greater than it would have been if section 9 of the Income Tax and Social Services Contribution Act 1951 had not been enacted.”.
By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.
Overview
The Statutory Rules 1952, No. 102, issued under the Income Tax and Social Services Contribution Assessment Act 1936-1952, were enacted to make amendments to the Income Tax and Social Services Contribution Regulations. The regulations address specific amendments, including the addition of uranium to the list of specified metals and minerals and adjustments to the provisional tax and contribution for the year of income 1952-1953. These amendments were made by the Governor-General in and over the Commonwealth of Australia, acting on the advice of the Federal Executive Council, and were intended to ensure that the income tax and social services contribution assessments were updated to reflect changes in the economic landscape and legislative intent. The policy objective behind these regulations was to provide clarity and precision in the assessment and collection of income taxes and contributions, ensuring that taxpayers were not unfairly burdened by outdated or inconsistent regulations.
Scope and Application
The Statutory Rules 1952 No. 102, made under the Income Tax and Social Services Contribution Assessment Act 1936-1952, primarily concern amendments to the Income Tax and Social Services Contribution Regulations. These regulations apply to taxpayers in Australia, influencing the assessment and payment of income tax and social services contributions. The scope of these regulations encompasses entities and individuals required to file income tax returns and pay social services contributions, impacting their financial obligations and the way they must account for their income and contributions. The regulations also affect the mining industry, specifically by including uranium alongside tin in the list of specified metals and minerals, thereby extending the taxation provisions to income derived from uranium. The amendments apply to income years commencing from 1 July 1952 onwards. Additionally, the regulations address provisional tax and contributions for the income year 1952-1953, modifying the calculation basis to account for changes in the income tax assessment. These regulations have a national reach across Australia, applying uniformly throughout the Commonwealth, and are subject to further elaboration through subordinate instruments as needed.
Key Provisions
These regulations, made under the Income Tax and Social Services Contribution Assessment Act 1936-1952, primarily amend the Income Tax and Social Services Contribution Regulations. Regulation 1 introduces a modification to Regulation 4aa, adding uranium to the list of specified metals and minerals (Regulation 4aa). This amendment applies to assessments for the income year beginning 1 July 1952 and subsequent years. Regulation 2 introduces a new Regulation 54zc in Division 3 of Part VI, which adjusts the provisional tax and contribution for the 1952-1953 income year. It reduces the provisional tax and contribution amount based on the income tax assessed for the previous year, subject to certain conditions (Regulation 54zc).
These regulations impose several obligations on taxpayers and entities subject to the Income Tax and Social Services Contribution Assessment Act. Primarily, they require taxpayers to include uranium in their list of specified metals and minerals for assessment purposes (Regulation 1). Additionally, they mandate that provisional tax and contribution amounts for the 1952-1953 income year be adjusted according to the income tax assessed for the preceding year, under specific conditions (Regulation 54zc). Taxpayers must ensure they comply with these regulatory amendments to avoid any discrepancies in their tax assessments.
Breaches of these regulations can lead to civil and criminal consequences. For instance, failure to include uranium in the list of specified metals and minerals could result in an incorrect tax assessment, potentially leading to penalties for underpayment of tax. Additionally, non-compliance with the provisions regarding provisional tax adjustments could lead to fines or legal action. The maximum penalties for such breaches are not explicitly stated in the regulations but generally follow the guidelines set by the Income Tax and Social Services Contribution Assessment Act, which may include fines and imprisonment for serious or repeated offences.