Statutory Rules
1975 No. 89
REGULATIONS UNDER THE INCOME TAX ASSESSMENT ACT 1936-1974.*
I, THE ADMINISTRATOR of the Government of Australia, acting with the advice of the Executive Council, hereby make the following Regulations under the Income Tax Assessment Act 1936-1974.
Dated this fifteenth day of May, 1975.
A. R. CUTLER
Administrator.
By His Excellency’s Command,
Treasurer.
Amendments of the Income Tax Regulations†
1. Regulation 4a of the Income Tax Regulations is repealed and the following regulation substituted:—
Prescribed Life Tables for purposes of paragraph 26aa (2) (a) of Act.
“4a. For the purposes of paragraph 26aa (2) (a) of the Act, the prescribed Life Tables are—
(a) in the case of an annuity that first commenced to be derived before 1 July 1958—the Australian Life Tables 1946-1948 published by the Commonwealth Statistician;
(b) in the case of an annuity that first commenced to be derived on or after 1 July 1958 and before 20 April 1972—the Australian Life Tables 1953-1955 published by the Commonwealth Statistician;
(c) in the case of an annuity that first commenced to be derived on or after 20 April 1972 and before the commencement of this regulation—the Australian Life Tables 1960-1962 published by the Commonwealth Statistician; or
(d) in the case of an annuity that first commenced or commences to be derived on or after the commencement of this regulation—the Australian Life Tables 1965-1967 published by the Commonwealth Statistician.”.
* Notified in the Australian Government Gazette on 27 May 1975.
† Statutory Rules 1936, No. 94 as amended to date. For previous amendments of the Income Tax Regulation see footnote † to Statutory Rules 1975, No. 88, and see also Statutory Rules 1975, No. 88.
13100/75—Recommended retail price 5c 10/8.5.1975
2. Regulation 7 of the Income Tax Regulations is repealed and the following regulation substituted:—
Prescribed institutions of advanced education for purposes of sub-paragraph 78 (1) (a) (xliii) of Act.
“7. For the purposes of sub-paragraph 78 (1) (a) (xliii) of the Act, each of the following institutions is a prescribed institution of advanced education:—
(a) an institution that is a college of advanced education within the meaning of the States Grants (Advanced Education) Act 1972-1974; and
(b) the Canberra College of Advanced Education.”.
Fifth Schedule.
3. The Fifth Schedule to the Income Tax Regulations is repealed.
Printed by Authority by the Government Printer of Australia
Overview
Statutory Rules 1975 No. 89, made under the Income Tax Assessment Act 1936-1974, was introduced to address the need for updated regulations concerning prescribed life tables and prescribed institutions of advanced education within the Australian tax system. Enacted by the Administrator of the Government of Australia, acting on the advice of the Executive Council, these regulations aim to align the tax system with the most current statistical data and institutional classifications. The policy objective behind these amendments is to ensure the accurate application of tax laws by providing up-to-date references for life expectancy data and recognising specific institutions for advanced education.
Scope and Application
The Statutory Rules 1975 No. 89, Regulations under the Income Tax Assessment Act 1936-1974, apply to individuals, entities, and institutions involved in the calculation and payment of income tax in Australia. These regulations pertain specifically to the prescribed life tables used for annuity calculations under the Act, and the identification of prescribed institutions of advanced education that may qualify for certain tax benefits. The regulations are made under the authority of the Commonwealth and are applicable nationally, with no specific exclusions or exemptions mentioned. They extend the application of the Act by providing detailed specifications for the prescribed life tables and by identifying certain institutions as prescribed entities for tax purposes. The regulations may be further extended or restricted through subordinate instruments as needed to implement the provisions of the Income Tax Assessment Act 1936-1974.
Key Provisions
These Regulations, made under the Income Tax Assessment Act 1936-1974, primarily revise certain provisions to keep them current and accurate. Specifically, Regulation 4a (paragraph 1) establishes the prescribed life tables that must be used for determining the taxable status of annuities under the Act. These tables vary based on when the annuity commenced, with different tables applicable for annuities starting before or after certain dates (section 4a). Regulation 7 (paragraph 2) defines which institutions qualify as "prescribed institutions of advanced education," a term relevant to certain tax benefits and deductions available under the Act (section 7). The Fifth Schedule, previously part of the Income Tax Regulations, has been repealed and is no longer in effect (paragraph 3).
The entities and individuals governed by these Regulations are required to use the specified life tables when calculating the tax implications of annuities, as outlined in Regulation 4a. They must also ensure that any tax benefits or deductions related to "prescribed institutions of advanced education" are correctly applied in accordance with the definitions provided in Regulation 7. Furthermore, any references to the Fifth Schedule, which has been repealed, must be updated to reflect its removal from the Regulations.
Failure to comply with these Regulations can result in various consequences. While the specific penalties are not detailed within the text provided, breaches of tax regulations typically result in civil or criminal penalties under the Income Tax Assessment Act 1936-1974. Civil penalties can include fines and interest on unpaid taxes, while criminal penalties may involve imprisonment depending on the severity and intent of the breach. The exact penalties would be determined based on the relevant sections of the primary Act and any applicable case law.