STATUTORY RULES.
1954. No. 11.
REGULATIONS UNDER THE INCOME TAX AND SOCIAL
SERVICES CONTRIBUTION ASSESSMENT ACT 1936-1953.*
THE QUEEN’S MOST EXCELLENT MAJESTY, acting with the advice of the Federal Executive Council of the Commonwealth of Australia, hereby makes the following Regulations under the Income Tax and Social Services Contribution Assessment Act 1936-1953.
Dated at Canberra this sixteenth day of February, 1954.
By Her Majesty’s Command,
Treasurer.
AMENDMENT OF THE INCOME TAX AND SOCIAL SERVICES CONTRIBUTION REGULATIONS.†
1. Regulation 4A of the Income Tax and Social Services Contribution Regulations is repealed and the following regulation inserted in its stead:—
Prescribed metals and minerals for purposes of section 23A.
“4A. The following metals and minerals arc prescribed metals and minerals for the purposes, of section 23A of the Act:—
Asbestos | Ores of— |
Bauxite | Antimony |
Chromite | Arsenic |
Emery | Beryllium |
Fluorspar | Bismuth |
Graphite | Columbium |
Ilmenite | Copper |
Kyanite | Lithium |
Magnesite | Mercury |
Manganese Oxides | Molybdenum |
Mica | Nickel |
Monazite | Osmiridium |
Pyrite | Platinum |
Quartz Crystals (piezo-electric quality) | Selenium |
Radio-active Ores | Strontium |
Rutile | Tantalum |
Sillimanite | Tellurium |
Vermiculite | Tin |
Zircon | Tungsten |
| Vanadium.”. |
* Notified in the Commonwealth Gazette on , 1954.
† 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, 84, 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; and 1953, Nos. 55 and 88.
354.—Price 3D. 35/10.2.1954.
Application.
2. The amendment effected by the last preceding regulation applies for the purposes of assessments in respect of income of the year of income that commenced on the first day of July, 1953, and in respect of income of subsequent years.
By Authority: L. F. JOHNSTON, Commonwealth Government Printer, Canberra.
Overview
The Income Tax and Social Services Contribution Regulations 1954, enacted by the Federal Executive Council of the Commonwealth of Australia, are subsidiary legislation under the Income Tax and Social Services Contribution Assessment Act 1936-1953. These regulations were introduced to amend the existing Income Tax and Social Services Contribution Regulations to provide clarity and specificity in the classification of prescribed metals and minerals for tax assessment purposes. The policy objective of these regulations is to ensure that the taxation of income derived from the extraction or processing of specific metals and minerals is accurately assessed and managed. The amendments outlined in these regulations are applicable to assessments of income from the year commencing 1 July 1953 and subsequent years.
Scope and Application
The Statutory Rules 1954 No. 11, made under the Income Tax and Social Services Contribution Assessment Act 1936-1953, amends the Income Tax and Social Services Contribution Regulations by replacing Regulation 4A with a new regulation that lists prescribed metals and minerals for the purposes of section 23A of the Act. This regulation applies to assessments of income for the year commencing on the first day of July 1953 and subsequent years. The amendment aims to specify certain metals and minerals, such as asbestos, bauxite, and various ores, for particular tax and social services contribution considerations. These regulations, forming part of a broader legislative framework, are designed to provide clarity and precision in the application of tax laws and social services contributions, ensuring that specific industries and entities involved in the extraction and trade of these metals and minerals are appropriately accounted for under the relevant tax and contribution schemes.
Key Provisions
The principal operative section of the Statutory Rules 1954 No. 11 is the amendment of Regulation 4A of the Income Tax and Social Services Contribution Regulations. This amendment repeals the existing Regulation 4A and inserts a new regulation that lists prescribed metals and minerals for the purposes of section 23A of the Income Tax and Social Services Contribution Assessment Act 1936-1953 (the "Act"). The list includes various metals and minerals such as asbestos, bauxite ores, antimony, and many others (Regulation 4A).
The obligations imposed by these regulations require that the listed metals and minerals be treated as prescribed for the purposes of section 23A of the Act. This means that any income derived from the sale, processing, or export of these prescribed metals and minerals may be subject to specific tax assessments under the Act.
Offences or breaches of these regulations, particularly if they involve the misdeclaration or omission of income from the listed prescribed metals and minerals, could result in civil or criminal penalties. While the statutory rules themselves do not explicitly state penalties, the Act under which these regulations are made may provide for penalties for non-compliance. For example, under the Act, penalties may include fines, interest on unpaid taxes, and in severe cases, criminal prosecution. The exact penalties would be determined by the provisions of the Act itself, which may vary depending on the nature and severity of the breach.