STATUTORY RULES.
1918. No. 82.
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REGULATION UNDER THE WAR-TIME PROFITS TAX ASSESSMENT ACT 1917.
I, THE GOVERNMENT-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the War-time Profits Tax Assessment Act 1917, to come into operation forthwith.
Dated this twenty-sixth day of March, 1918.
R. M. FERGUSON,
Governor-General.
By His Excellency’s Command,
W. A. WATT,
Acting Treasurer.
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Amendment of the War-time Profits Tax Regulations 1917.
(Statutory Rules 1917, No. 300.)
Regulation 34 of the War-time Profits Tax Regulations is repealed, and the following regulation inserted in its stead:—
34. The provisions of section eleven of the Act may be applied where it appears to the Commissioner upon the application of a taxpayer in any particular case that—
Modifications of Parts IV., V., and VI. of the Act.
(a) Regular annual sales of live stock cannot be made by the taxpayer owing to the fact that stock routes over which live stock in districts in Australia remote from centres of population are moved to other districts for sale, cannot be traversed by live stock regularly each year, or
(b) A taxpayer who has more than three but less than six pre-war trade years and who during the last three pre-war trade years has made a profit in one of those years and a loss in each of the other two years.
Printed and Published for the Government of the Commonwealth of Australia by Albert J. Mullett, Government Printer for the State of Victoria.
C.2680.—Price 3d.
Overview
The Statutory Rules 1918, No. 82, constitutes a legislative instrument made under the War-time Profits Tax Assessment Act 1917. This regulation was enacted to address the immediate financial exigencies of the Commonwealth of Australia during the First World War by modifying tax provisions to ensure adequate revenue was raised from wartime profits. The Government-General, acting on the advice of the Federal Executive Council, made this regulation effective immediately, demonstrating the urgency and importance of the wartime economic measures. The policy objective was to adjust the tax framework to cater for the unique economic disruptions caused by the war, particularly impacting the livestock trade and businesses with fluctuating pre-war profits.
Scope and Application
The War-time Profits Tax Assessment Act 1917, as amended by the Statutory Rules 1918, No. 82, applies to taxpayers who are affected by the war and are engaged in specific industries, particularly those involving the sale of livestock in remote areas or those with fluctuating pre-war profits. The legislation aims to address the difficulties faced by these taxpayers due to the disruptions caused by the war, such as the inability to traverse stock routes regularly for livestock sales or the impact on profit stability for those with varying pre-war financial performance. The regulation's application extends across Australia, targeting sectors that are critically affected by the war conditions. It provides relief and adjustments to the tax assessment process for eligible taxpayers, ensuring a fairer tax burden during the challenging wartime period. The regulation also allows for modifications to Parts IV, V, and VI of the Act to accommodate these specific circumstances, with the Commissioner's discretion being pivotal in determining eligibility and the extent of the application of the provisions.
Key Provisions
The key provision of this legislation is the amendment of the War-time Profits Tax Regulations 1917, which is detailed in Regulation 34 (Section 1). This regulation allows the Commissioner to apply the provisions of Section 11 of the War-time Profits Tax Assessment Act 1917 in specific circumstances. The Act can be applied if a taxpayer cannot regularly sell livestock due to impassable stock routes, or if a taxpayer has more than three but fewer than six pre-war trading years, with one profitable year and two years of loss within the last three pre-war trading years.
This amendment imposes obligations on taxpayers who find themselves in the situations described above. They are required to apply to the Commissioner for the application of the Act's provisions, providing necessary evidence to support their claim. It is also the Commissioner's responsibility to review these applications and make determinations based on the evidence provided by the taxpayer.
There are no explicit offences, penalties, or consequences for breach mentioned within this regulation. However, the failure to comply with the requirements of applying for the Act's provisions in the specified circumstances could potentially lead to disputes and legal challenges. Additionally, any fraudulent or misleading information provided to the Commissioner during the application process may be subject to penalties under other relevant legislation, such as the Crimes Act 1914.