STATUTORY RULES.
1955. No. .
REGULATIONS UNDER THE INCOME TAX AND SOCIAL
SERVICES CONTRIBUTION ASSESSMENT ACT 1936-1954.*
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 1936-1954.
Dated this thirty-first
day of March , 1955.
Governor-General.
By His Excellency’s Command,
Treasurer.
Amendments or the Income Tax and Social Services Contribution
Regulations.†
1. Regulation 4aa of the Income Tax and Social Services Contribution Regulations is repealed and the following regulation inserted in its stead :—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 sections 23 (p) and 23a.
“ 4aa. The following metals and minerals are—
(a) specified as metals and minerals in respect of which paragraph (p) of section 23 of the Act applies ; and
* Notified in the Commonwealth Gazette on , 1955.
† Statutory Rules 1936, No. 94, as amended by Statutory Rules 1939, Nos. 6 and 42 ; 1940, Nos. 188 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, Nos. 135 ; 1947, Nos. 77 and 173 ; 1948, Nos. 115 and 102 ; 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; and 1954, Nos. 11, 99 and 112.
5406.—Price 3d. 9/18.2.1955.
(b) 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 | Cobalt |
Ilmenite | Columbium |
Kyanite | Copper |
Magnesite | Lithium |
Manganese Oxides | Mercury |
Mica | Molybdenum |
Monazite | Nickel |
Pyrite | Osmiridium |
Quartz Crystals (piezo-electric quality) | Platinum |
Radio-active Ores | Selenium |
Rutile | Strontium |
Sillimanite | Tantalum |
Vermiculite | Tellurium |
Zircon | Tin |
| Tungsten |
| Vanadium.”. |
2. Regulation 4a of the Income Tax and Social Services Contribution Regulations is repealed and the following regulation inserted in its stead :—
Prescribed Life Tables for purposes of section 26aa.
“ 4a. The Australian Life Tables, 1946-1948, published by the Commonwealth Statistician, are the prescribed Life Tables for the purposes of paragraph (a) of sub-section (2.) of section 26aa of the Act.”.
Fee for medical examination.
3. Regulation 66 of the Income Tax and Social Services Contribution Regulations is amended—
(a) by omitting from paragraph (a) the words “ Ten shillings ” and inserting in their stead the words “ Twenty-one shillings ”; and
(b) by omitting from paragraph (b) the words “ Fifteen shillings ” and inserting in their stead the words “ Twenty- five shillings ”.
Application.
4. The amendments effected by regulations 1 and 2 of these Regulations apply for the purposes of assessments in respect of income of the year of income that commenced on the first day of July, 1954, and in respect of income of subsequent years.
______________________
Printed for the Government of the Commonwealth by A. J. Arthur
at the Government Printing Office, Canberra.
Overview
The Income Tax and Social Services Contribution Assessment Act 1936-1954 was enacted to provide for the assessment of income and the imposition of taxes, along with contributions for social services. The Act was introduced to address the need for a comprehensive framework to manage taxation and social contributions in Australia. The regulations made under this Act, specifically the Income Tax and Social Services Contribution Regulations 1955, were issued by the Governor-General in Council, reflecting the authority of the Parliament of Australia. The primary policy objective of these regulations was to ensure that the assessment and imposition of taxes and contributions were conducted in a systematic and fair manner, facilitating the collection of revenue needed for social services and government functions.
Scope and Application
These regulations, made under the Income Tax and Social Services Contribution Assessment Act 1936-1954, aim to modify the application of certain provisions in the Act, specifically targeting the taxation of prescribed metals and minerals, the prescribed life tables for actuarial purposes, and the fees for medical examinations. The Act applies to individuals, businesses, and entities subject to income tax and social services contributions in Australia. The regulations, which are made at the Commonwealth level, extend to the entire nation and are applicable to all states and territories within Australia. The scope of these regulations includes the specification of certain metals and minerals that are subject to particular tax treatments, the designation of specific life tables for actuarial calculations, and the adjustment of fees related to medical examinations required under the Act. These regulations are effective for assessments concerning the income year starting from 1 July 1954 and subsequent years.
Key Provisions
The key provisions of the Statutory Rules, 1955, No. 9, are contained in the Income Tax and Social Services Contribution Regulations, which make amendments to the Income Tax and Social Services Contribution Assessment Act 1936-1954. Regulation 4aa introduces a list of prescribed metals and minerals (section 4aa) that will be subject to specific taxation provisions outlined in sections 23(p) and 23a of the Act. These metals and minerals include asbestos, bauxite, antimony, chromite, arsenic, emery, beryllium, fluorspar, bismuth, graphite, cobalt, ilmenite, columbium, kyanite, copper, magnesite, lithium, manganese oxides, mercury, mica, molybdenum, monazite, nickel, pyrite, osmiridium, quartz crystals (piezo-electric quality), platinum, radio-active ores, selenium, rutile, strontium, sillimanite, tantalum, vermiculite, tellurium, zircon, tin, tungsten, and vanadium. Regulation 4a prescribes the Australian Life Tables, 1946-1948, published by the Commonwealth Statistician, for the purposes of section 26aa of the Act (section 4a). Regulation 66 modifies the fees for medical examinations, increasing them from ten shillings to twenty-one shillings and from fifteen shillings to twenty-five shillings (section 66).
The regulations impose specific obligations on entities and individuals dealing with the prescribed metals and minerals. They must ensure that these materials are accurately identified and reported for tax purposes as outlined in sections 23(p) and 23a of the Act. Additionally, the prescribed life tables must be used for calculations relevant to section 26aa of the Act. Entities and individuals must also adhere to the new fees for medical examinations as stipulated in Regulation 66.
Breach of these regulations may lead to civil and criminal consequences. For example, failing to correctly identify and report prescribed metals and minerals could result in tax penalties and interest on unpaid taxes. Non-compliance with the prescribed life tables or fees for medical examinations might also incur administrative penalties. The specific penalties and consequences depend on the nature and severity of the breach, and the maximum penalties are not explicitly stated in the document. However, general provisions under the Income Tax and Social Services Contribution Assessment Act 1936-1954 may apply, including fines and imprisonment for serious or repeated breaches.