STATUTORY RULES.
1918. No. 315.
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REGULATIONS UNDER THE INCOME TAX ASSESSMENT ACT 1915-1918.
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 Assessment Act 1915-1918, to come into operation forthwith.
Dated this fourth day of December, 1918.
R. M. FERGUSON,
Governor-General.
By His Excellency’s Command,
W. A. WATT,
Treasurer.
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Amendment of Income Tax Regulations 1917 (Statutory Rules 1917, No. 280, as Amended by Statutory Rules 1918, No. 95).
1. Regulation 46 of the Income Tax Regulations is amended—
(a) by omitting from sub-regulation (2) thereof the words “as determined by the Commissioner,” and inserting in their stead the words “as set forth in Table III. in the Schedule”; and
(b) by omitting from sub-regulation (4) thereof the words “as determined by the Commissioner under sub-regulation (2) of this regulation,” and inserting in their stead the words “as set forth in Table III. in the Schedule.”
2. After regulation 46 of the Income Tax Regulations, the following regulation is inserted:—
Value of live stock for the years 1916-17 and 1917-18.
“46a. (1) This regulation shall apply to assessments made for the financial years ending on the 30th days of June, One thousand nine hundred and seventeen, and One thousand nine hundred and eighteen respectively.
(2) For the purposes of Section 14(a) of the Act the value of live stock to be taken into account at the beginning of the period on the income of which tax was assessed for the financial year ending on the thirtieth day of June, One thousand nine hundred and seventeen, shall be the fair average value of the stock, as set forth in Table III. in the Schedule.
(3) Live stock sold after the beginning of that period shall be deemed to have been sold at a profit or a loss to the extent of the excess or shortage respectively of the sale price above or below the fair average value set forth in Table III. in the Schedule.
(4) Natural increases of live stock shall be taken into account at the fair average value set forth in Table III. in the Schedule.
(5) Live stock purchased during the year in which the income was derived and owned at the end of the year shall be taken into account at the end of the year at the purchase price, but for the purpose of subsequent assessments shall be taken into account at the fair average value set forth in Table III. in the Schedule.
(6) This regulation shall be deemed to have come into operation on the fifteenth day of December, One thousand nine hundred and fifteen.”
3. The Schedule to the Income Tax Regulations is amended by adding thereto the following Table:—
“TABLE III.
Fair Average Value of Live Stock (other than Stud Stock).
— | Sheep. | Cattle. | Horses. | Pigs. |
| £ | s. | d. | £ | s. | d. | £ | s. | d. | £ | s. | d. |
New South Wales............ | 0 | 10 | 0 | 6 | 0 | 0 | 8 | 0 | 0 | 1 | 0 | 0 |
Victoria................... | 0 | 12 | 6 | 6 | 0 | 0 | 15 | 0 | 0 | 2 | 10 | 0 |
Queensland................ | 0 | 9 | 0 | 3 | 0 | 0 | 4 | 0 | 0 | 0 | 15 | 0 |
South Australia.............. | 0 | 10 | 0 | 5 | 0 | 0 | 7 | 0 | 0 | 2 | 0 | 0 |
Tasmania................. | 0 | 10 | 0 | 3 | 0 | 0 | 20 | 0 | 0 | 0 | 15 | 0 |
Northern Territory............ | 0 | 12 | 6 | 2 | 0 | 0 | 5 | 0 | 0 | | ... | |
Western Australia............ | 0 | 5 | 0 | 1 | 15 | 0 | East Kimberley |
„ ............ | 0 | 5 | 0 | 2 | 5 | 0 | West Kimberley |
„ ............ | 0 | 7 | 0 | 2 | 10 | 0 | N.W. Division, North of Tropic of Capricorn |
„ ............ | 0 | 9 | 0 | 3 | 10 | 0 | N.W. Division, South of Tropic of Capricorn |
„ ............ | 0 | 12 | 0 | 4 | 10 | 0 | S. W. Division |
„ ............ | 0 | 7 | 0 | 2 | 10 | 0 | Eucla and Central Division |
„ ............ | 0 | 5 | 0 | 1 | 15 | 0 | Eastern Division |
Printed and Published for the Government of the Commonwealth of Australia by H. J. Green, Acting Government Printer for the State of Victoria.
Overview
The Statutory Rules 1918, No. 315, are Regulations under the Income Tax Assessment Act 1915-1918. Enacted by the Governor-General in Council, these Regulations amend the Income Tax Regulations 1917 to standardise the valuation of livestock for tax purposes during the financial years ending on 30 June 1917 and 30 June 1918. This legislative instrument responds to the need for a consistent approach to livestock valuation for income tax assessments, ensuring that the value of livestock is uniformly calculated across different states and territories, as outlined in Table III in the Schedule. The policy objective is to provide a transparent and equitable framework for the valuation of livestock, which is crucial for accurate income tax assessments during the specified financial years.
Scope and Application
The Statutory Rules 1918, No. 315, made under the Income Tax Assessment Act 1915-1918, primarily concern the amendment of the Income Tax Regulations 1917 to adjust the valuation of live stock for tax purposes. These regulations apply to assessments made for the financial years ending on the 30th of June in 1917 and 1918. They affect individuals, entities, and industries involved in the ownership and trading of livestock within Australia. The regulations establish specific fair average values for various types of livestock across different states and territories, providing a standardised basis for determining taxable income related to these assets. The geographic reach of these regulations is national, applying across all states and territories of Australia. The regulations do not explicitly state exclusions or exemptions, but the specified values in the schedule suggest a comprehensive approach to include all livestock within the scope. The application of these regulations is further extended or restricted through subordinate instruments, which would detail specific implementation processes and additional provisions as necessary.
Key Provisions
The primary provisions of the Statutory Rules 1918 No. 315, under the Income Tax Assessment Act 1915-1918, primarily concern the amendment of Regulation 46 and the insertion of a new Regulation 46A. Regulation 46 (sub-regulations 2 and 4) is amended to specify that the value of livestock for tax assessment purposes should be determined according to Table III in the Schedule, rather than by the Commissioner. Regulation 46A introduces a new set of rules for determining the value of livestock for assessments made for the financial years ending on 30 June 1917 and 1918 (section 1). This regulation stipulates that the fair average value of livestock as set forth in Table III of the Schedule will be used for determining the value of stock at the beginning of the assessment period, for stock sold during the period, for natural increases in stock, and for stock purchased during the year (sections 2 to 5).
These regulations impose obligations on taxpayers and entities involved in the livestock industry. Taxpayers must now refer to the prescribed fair average values in Table III of the Schedule for livestock valuation purposes, rather than relying on the Commissioner's determination. This means that for the financial years ending on 30 June 1917 and 1918, the value of livestock at the start of the assessment period, any sales during the period, natural increases, and purchases during the year must align with the values specified in Table III. Furthermore, taxpayers must ensure that livestock purchased during the year and owned at the end of the year are valued at the purchase price for the current assessment but at the fair average value for subsequent assessments.
The Statutory Rules 1918 No. 315 do not explicitly outline offences, penalties, or consequences for breach. However, non-compliance with the Income Tax Assessment Act 1915-1918, including the failure to correctly value livestock in accordance with these regulations, could potentially lead to legal consequences. Such consequences might include the imposition of fines, interest on unpaid taxes, or other penalties as prescribed by the Act. Given the historical context of these regulations, the specific penalties would be those outlined in the Income Tax Assessment Act 1915-1918 at the time, which could include substantial fines or imprisonment for serious breaches.