STATUTORY RULES.
1957. No.74.
REGULATION UNDER THE INCOME TAX AND SOCIAL SERVICES CONTRIBUTION ASSESSMENT ACT 1936-1957.*
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the Income Tax and Social Services Contribution Assessment Act 1936-1957.
Dated this 5th day of December, 1957.
W. J. Slim
Governor-General.
By His Excellency’s Command,
Treasurer.
Amendments of the Income Tax and Social Services Contribution Regulations.†
Organizations prescribed for purposes of s. 23 (x) and (y)
Regulation 4ab of the Income Tax and Social Services Contribution Regulations is amended—
(a) by inserting in sub-regulation (2.), after the words “the last preceding sub-regulation” (first occurring), the words “and the International Finance Corporation”;
(b) by omitting from that sub-regulation the words “an organization specified in that sub-regulation” and inserting in their stead the words “such an organization”; and
(c) by inserting in paragraphs (b) and (c) of that sub-regulation, after the words “last preceding sub-regulation”, the words “or the International Finance Corporation”.
* Notified in the Commonwealth Gazette on 12th December, 1957.
† 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; 1952, Nos. 89, 90 and 102; 1953, Nos. 55 and 88; 1954, Nos. 11, 99 and 112; 1955, No. 23; 1956, Nos. 34, 35 and 93; and 1957, No. 39.
By Authority: A. J. Arthur, Commonwealth Government Printer, Canberra.
6357/57.—Price 3d. 12/15.11.1957.
Overview
The Statutory Rules 1957 No. 74 was made under the Income Tax and Social Services Contribution Assessment Act 1936-1957, enacted by the Australian Federal Parliament. The regulation was introduced to amend the Income Tax and Social Services Contribution Regulations by inserting the International Finance Corporation into sub-regulation (2) and modifying paragraphs (b) and (c) to include the International Finance Corporation. This legislative instrument was designed to address the need to update the existing regulations to reflect changes in the international financial landscape, ensuring that the Australian tax system remains current and effective. The policy objective of these amendments was to incorporate the International Finance Corporation into the prescribed organisations, aligning the regulations with contemporary international financial practices.
Scope and Application
The Statutory Rules 1957 No. 74, made under the Income Tax and Social Services Contribution Assessment Act 1936-1957, serve to amend the Income Tax and Social Services Contribution Regulations, extending their application to include the International Finance Corporation. This amendment ensures that the regulations now apply to entities such as the International Finance Corporation for the purposes of sections 23 (x) and (y). The regulation specifically modifies sub-regulation 4ab by inserting references to the International Finance Corporation and adjusting the wording to maintain consistency within the sub-regulation. These changes are effective across the Commonwealth of Australia, impacting entities involved in transactions that would otherwise fall under the purview of the amended regulations. The regulation does not introduce any exclusions or exemptions but rather broadens the scope to include the International Finance Corporation, ensuring that it is subject to the same provisions as other prescribed organizations.
Key Provisions
The key provisions of this statutory rule are contained within Regulation 4ab of the Income Tax and Social Services Contribution Regulations, which is amended by this instrument. The main changes involve the inclusion of the International Finance Corporation (IFC) in the list of prescribed organisations for purposes of section 23(x) and (y) of the Income Tax and Social Services Contribution Assessment Act 1936-1957. Specifically, the amendment includes the IFC in the sub-regulation by adding it to the list in sub-regulation (2), modifying references to ensure the IFC is included in subsequent paragraphs, and inserting it into paragraphs (b) and (c) to ensure consistency throughout the regulation. These changes make the IFC subject to the same provisions as other prescribed organisations under the Act.
The obligations imposed on the parties or entities governed by these regulations are primarily concerned with ensuring that the International Finance Corporation, now included in the list of prescribed organisations, complies with the tax and social services contribution obligations set out in the Income Tax and Social Services Contribution Assessment Act 1936-1957. This means that the IFC, like other prescribed organisations, must adhere to the rules regarding the assessment and payment of income tax and social services contributions as specified by the Act. Compliance involves accurate reporting and timely payment of any taxes and contributions that may be due.
In terms of potential consequences for breach, the Act itself does not specify particular offences, penalties, or consequences for non-compliance within this statutory rule. However, the broader framework of the Income Tax and Social Services Contribution Assessment Act 1936-1957 does provide for a range of penalties for non-compliance. These penalties can include fines, interest on unpaid amounts, and in severe cases, criminal charges leading to imprisonment. The exact penalties would depend on the nature and extent of the non-compliance, and would be determined in accordance with the provisions of the primary Act.