Treasury Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2025

Administered by Department of the Treasury

Legislation au F2025L01061 Not in force Legislative Instrument

Legislation content

EXPLANATORY STATEMENT

Issued by authority of the Assistant Treasurer and Minister for Financial Services

Income Tax Assessment Act 1936, Retirement Savings Accounts Act 1997, and Superannuation Industry (Supervision) Act 1993

Treasury Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2025

Section 266 of the Income Tax Assessment Act 1936 (the ITAA 1936) provides that the Governor‑General may make regulations prescribing matters required or permitted by the ITAA 1936 to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the ITAA 1936.

Subsection 200(1) of the Retirement Savings Accounts Act 1997 (the RSA Act) provides that the Governor‑General may make regulations prescribing matters required or permitted by the RSA Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the RSA Act.

Subsection 353(1) of the Superannuation Industry (Supervision) Act 1993 (the SIS Act) provides that the Governor‑General may make regulations prescribing matters required or permitted by the SIS Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the SIS Act.

The purpose of the Treasury Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2025 (the Regulations) is to make consequential amendments to support the remake of the Income Tax Assessment (1936 Act) Regulation 2015 (the 2015 Regulations).

The 2015 Regulations were scheduled to ‘sunset’ on 1 October 2025. All legislative instruments, other than exempt instruments, progressively sunset according to the timetable in section 50 of the Legislation Act 2003. Legislative instruments generally cease to have effect after 10 years unless their operation is extended such as by remaking the instrument. On 1 October 2025, the Income Tax Assessment (1936 Act) Regulations 2025 (the Remade Regulations) commenced, remaking and improving the 2015 Regulations.

The Regulations support the Remade Regulations by repealing the 2015 Regulations and updating references to the 2015 Regulations in other legislative instruments.

The Regulations rely on subsection 33(3) of the Acts Interpretation Act 1901, which provides that where an Act confers a power to make an instrument of a legislative character (including rules, regulations or by‑laws) the power shall be construed as including a power to repeal, amend, or vary any such instrument.

The ITAA 1936, RSA Act and SIS Act do not specify any conditions that need to be satisfied before the power to make the Regulations may be exercised.

An exposure draft of the Regulations and accompanying explanatory material were released for public consultation from 2 July to 15 July 2025. No public submissions were received in relation to the Regulations in this process.

The Regulations are a legislative instrument for the purposes of the Legislation Act 2003.

The Regulations commenced at the same time as the Remade Regulations on 1 October 2025.

The Regulations are subject to disallowance, and will sunset on 1 October 2035.

Details of the Regulations are set out in Attachment A.

A statement of Compatibility with Human Rights is at Attachment B.

 

ATTACHMENT A

Details of the Treasury Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2025

Section 1 – Name

This section provides that the name of the regulations is the Treasury Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2025 (the Regulations).

Section 2 – Commencement

Schedule 1 to the Regulations commenced at the same time as the Income Tax Assessment (1936 Act) Regulations 2025 (the Remade Regulations).

Section 3 – Authority

The Regulations are made under the Income Tax Assessment Act 1936, Retirement Savings Accounts Act 1997 and Superannuation Industry (Supervision) Act 1993.

Section 4 – Schedules

This section provides that each instrument that is specified in the Schedules to this instrument are amended or repealed as set out in the applicable items in the Schedules, and any other item in the Schedules to this instrument has effect according to its terms.

Schedule 1 – Repeals and amendments

Part 1 – Repeals

Item 1 repeals the Income Tax Assessment (1936 Act) Regulation 2015 (the 2015 Regulations). The Remade Regulations remake and improve the 2015 Regulations, which were scheduled to ‘sunset’ on 1 October 2025.

Part 2 – Amendments

Item 2 amends subregulation 1.07(3C) of the Retirement Savings Accounts Regulations 1997, updating the reference to the 2015 Regulations to instead refer to the Remade Regulations.

Items 3 and 4 amend the Superannuation Industry (Supervision) Regulations 1994, updating references to the 2015 Regulations to instead refer to the Remade Regulations. These consequential amendments apply to the definition of prescribed Life Tables in subregulation 1.03(1), and subregulations 1.05(12) and 1.06(10).

ATTACHMENT B

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Treasury Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2025

This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview of the Legislative Instrument

The purpose of the Treasury Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2025 (the Legislative Instrument) is to make consequential amendments to support the remake of the Income Tax Assessment (1936 Act) Regulation 2015 (the 2015 Regulations). On 1 October 2025, the Income Tax Assessment (1936 Act) Regulations 2025 (the Remade Regulations) commenced, remaking and improving the 2015 Regulations.

The Legislative Instrument supports the Remade Regulations by repealing the 2015 Regulations and updating references to the 2015 Regulations in other legislative instruments.

Human rights implications

This Legislative Instrument does not engage any of the applicable rights or freedoms.

Conclusion

This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.

Overview

The Treasury Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2025 were enacted to facilitate the transition from the Income Tax Assessment (1936 Act) Regulation 2015, which was set to sunset on 1 October 2025, to the new Income Tax Assessment (1936 Act) Regulations 2025. The Regulations were made under the authority of the Income Tax Assessment Act 1936, the Retirement Savings Accounts Act 1997, and the Superannuation Industry (Supervision) Act 1993, and they were enacted to ensure a smooth and effective continuation of tax regulation. They repeal the outdated 2015 Regulations and update references to the 2015 Regulations in other relevant legislative instruments to reflect the commencement of the new Remade Regulations. The Regulations were subject to a brief period of public consultation but received no submissions. They are subject to disallowance and will sunset on 1 October 2035.

Scope and Application

The Treasury Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2025 applies to entities and individuals subject to the Income Tax Assessment Act 1936, the Retirement Savings Accounts Act 1997, and the Superannuation Industry (Supervision) Act 1993. It encompasses matters prescribed by these Acts and necessary or convenient for carrying out or giving effect to them, such as income tax regulations, retirement savings accounts, and superannuation industry supervision. The Regulations have a Commonwealth reach, applying across Australia as federal regulations. They repeal the Income Tax Assessment (1936 Act) Regulation 2015 and amend other regulations to update references from the 2015 Regulations to the newly remade 2025 Regulations. The Regulations are subject to disallowance and will sunset on 1 October 2035 unless extended. The scope of the Regulations is extended through subordinate instruments, specifically the Income Tax Assessment (1936 Act) Regulations 2025, which they support by facilitating the transition from the 2015 Regulations to the new 2025 Regulations.

Key Provisions

The Treasury Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2025 primarily serve to repeal the Income Tax Assessment (1936 Act) Regulation 2015 and to update references to it in other legislative instruments, as detailed in Section 1 (Name) and Section 2 (Commencement). The Regulations also amend the Retirement Savings Accounts Regulations 1997 and the Superannuation Industry (Supervision) Regulations 1994 to reflect the changes made by the new regulations, as outlined in Schedule 1 (Repeals and amendments). The Regulations are made under the authority of the Income Tax Assessment Act 1936, the Retirement Savings Accounts Act 1997, and the Superannuation Industry (Supervision) Act 1993, with specific details provided in Section 3 (Authority) and Section 4 (Schedules). These Regulations impose obligations on entities and individuals subject to the Income Tax Assessment Act 1936, the Retirement Savings Accounts Act 1997, and the Superannuation Industry (Supervision) Act 1993 to comply with the updated regulations. Specifically, they must ensure that references to the repealed 2015 Regulations are replaced with references to the new Remade Regulations in all relevant documents and practices. This includes updating internal systems, policies, and any communications to reflect the new regulatory framework. Failure to comply with these amendments could lead to non-compliance with the Acts they support, potentially resulting in legal consequences. There are no specific offences, penalties, or civil/criminal consequences outlined for breaches of these Regulations. However, non-compliance with the underlying Acts, such as the Income Tax Assessment Act 1936 or the Superannuation Industry (Supervision) Act 1993, could result in penalties as prescribed under those Acts. For example, under the Income Tax Assessment Act 1936, penalties can include fines up to $22,200 for individuals and higher for corporations, along with potential imprisonment terms. Similarly, breaches of the Superannuation Industry (Supervision) Act 1993 can lead to significant penalties, including fines and imprisonment, depending on the nature and severity of the breach. It is crucial for entities and individuals to ensure they are compliant with the updated regulations to avoid these potential penalties.

Legal classification tags

Area of Law
Taxation Law
Instrument
Regulation
Concepts
Commencement Provisions
Repeal & Amendment
Regulatory Standards

Interactions

Authorises

All Versions

Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.