STATUTORY RULES.
1924. No. 194.
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regulations under the income tax assessment act 1922-1924.
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 1922-1924, to come into operation forthwith.
Dated this twelfth day of December, 1924.
FORSTER,
Governor-General.
By His Excellency’s Command,
Ll. ATKINSON,
for Treasurer.
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Amendment of the Income Tax Regulations 1922.
(Statutory Rules 1923, No. 12, as amended to this date.)
1. Regulation 3 of the Income Tax Regulations 1922 is amended by omitting the figures “1923” and inserting in lieu thereof the figures “1924”.
2. Regulation 50 of the Income Tax Regulations 1922 is amended—
(a) by omitting from sub-regulation (1.) the word “taxpayer” and inserting in its stead the word “person”;
(b) by adding at the end of sub-regulation (1.) the following words:—
“and the notice of option to be signed and delivered by him at the office of the Commissioner may be in the following form:—
Commonwealth of Australia.
Income Tax Assessment Act 1922-1924.
Notice of Option under Section 16 (a) (ii).
I, of in the State of hereby exercise the option granted by section 16 (a) (ii) of the above Act by requiring that ‘Value’ for the purposes of section 16 (a) shall mean, in the case of live stock owned by me (not being live stock used as beasts of burden or as working beasts)
*cost
*market selling price
Dated this day of 192 .
Signature.
*Strike out whichever is not wanted”;
(c) by omitting from the form contained in sub-regulation (2.) the figures “1923” and inserting in their stead the figures “1924”;
(d) by inserting after sub-regulation (2.) the following sub-regulation:—
“(2a.) Any person to whom paragraph (aa) of section 16 of the Act applies, who does not, within the time prescribed by sub-regulation (3.) of this regulation give notice of election as provided in paragraph (aa) of section 16 of the Act, and who selects cost price in pursuance of the option given by sub-paragraph (ii) of paragraph (a) of section 16 of the Act, shall give notice in writing of the value per head selected by him as the cost price in relation to natural increase of live stock owned by him.”;
(e) by inserting in sub-regulation (3.) after the word “notice” the words “of option and the notice”;
(f) by inserting in sub-regulation (3.) after the word “election” the words “and the notice to be given under sub-regulation (2a.) of this regulation”; and
(g) by omitting from sub-regulation (3.) the figures “1923” (wherever occurring) and inserting in their stead the figures “1924”.
Printed and Published for the Government of the Commonwealth of Australia by H. J. Green, Government Printer for the State of Victoria.
Overview
Statutory Rules 1924 No. 194, made under the Income Tax Assessment Act 1922-1924, addresses the need to update the Income Tax Regulations 1922 to reflect the fiscal year 1924. Enacted by the Governor-General in accordance with the Federal Executive Council, these regulations are intended to streamline the administration of income tax assessments by adjusting references from the previous year to the current year, ensuring that the regulatory framework remains current and effective. The policy objective is to maintain the currency and applicability of the income tax regulations, thereby ensuring compliance and facilitating the administration of the tax system.
The regulations modify specific sections of the Income Tax Regulations 1922, including updating references from the year 1923 to 1924, and clarifying the process for taxpayers to exercise their options under certain sections of the Act. By implementing these changes, the regulations aim to reduce ambiguity and improve the precision with which taxpayers can comply with their obligations under the Income Tax Assessment Act.
Scope and Application
The Statutory Rules 1924, No. 194, made under the authority of the Income Tax Assessment Act 1922-1924, pertain to the amendment of the Income Tax Regulations 1922. These regulations apply to all persons and entities subject to income tax obligations within the Commonwealth of Australia, including individuals, companies, and other forms of businesses. The regulations modify certain provisions to update the fiscal year from 1923 to 1924, ensuring alignment with the current financial year for tax purposes. Additionally, the regulations expand the definition of "person" to include anyone subject to income tax, thereby broadening the scope of individuals required to comply with these provisions. The regulations also detail specific procedures for taxpayers to follow when selecting the cost price for the valuation of live stock, ensuring compliance with the stipulated requirements for tax assessments.
Key Provisions
The regulations under the Income Tax Assessment Act 1922-1924 primarily focus on updating certain aspects of the Income Tax Regulations 1922 to reflect the fiscal year 1924. Specifically, Regulation 3 updates the year in the regulations to 1924, replacing references to 1923. Regulation 50 undergoes more substantial changes, starting with the replacement of the term “taxpayer” with “person” in sub-regulation (1) (paragraph a). It also modifies the form for the notice of option, which must now be signed and delivered to the Commissioner, providing a new template that reflects the fiscal year 1924. Furthermore, sub-regulation (2a) introduces a requirement for persons who opt for cost price valuation for live stock under section 16(a)(ii) of the Act to submit a written notice specifying the value per head for natural increase of their livestock. The regulation also mandates that the notice of option and any related notices must be submitted within the prescribed timeframes.
These regulations impose several obligations on the entities they govern. Firstly, they require the update of all references to the fiscal year 1923 to 1924 in the Income Tax Regulations 1922. This includes updating the year in various sub-regulations to ensure consistency and accuracy in tax administration for the new fiscal year. Secondly, the changes to Regulation 50 necessitate that taxpayers who choose to value their live stock at cost price must provide detailed written notices specifying the value per head for natural increase. This additional documentation is crucial for compliance and accurate assessment of the taxable value of their livestock. Furthermore, the regulations mandate that all notices of option and related notices must be submitted to the Commissioner within the specified timelines, ensuring timely and effective tax administration.
Breaches of these regulations can lead to several consequences. Firstly, failure to update references to the fiscal year 1923 to 1924 in the regulations can result in administrative errors and potential non-compliance with tax laws. Secondly, taxpayers who do not provide the required written notices specifying the value per head for natural increase of their livestock, as mandated by sub-regulation (2a), may face penalties for non-compliance. While the specific penalties are not detailed in the regulations, non-compliance with tax laws generally can result in fines, interest on unpaid taxes, and potential legal action. Additionally, repeated or significant non-compliance could lead to more severe penalties, including criminal charges in extreme cases. It is essential for taxpayers and tax administrators to adhere to these regulations to avoid any adverse consequences.