INCOME TAX REGULATIONS (AMENDMENT) 1994 NO. 460

INCOME TAX REGULATIONS (AMENDMENT) 1994 NO. 460

STATUTORY RULES 1994 No. 460

Issued by the Authority of the Assistant Treasurer

Income Tax Assessment Act 1936

Income Tax Regulations (Amendment)

Section 266 of the Act provides that the Governor-General may make regulations prescribing matters required to give effect to the Act.

The purpose of the proposed regulations is to renumber Division 9 of Part 7 and associated regulation 147A, as they existed prior to 1 December 1994, to Division 12 and associated regulation 147G.

The amendments which are technical in nature do not change the nature of the existing regulations in any way. The amendments are necessary because the new regulations for the reportable payments system, which commenced on 1 December 1994, inadvertently inserted a new Division 9 into Part 7. In addition, the reportable payments regulations inserted Divisions 10 and 11 in Part 7 of the regulations.

Details of the regulations are as follows:

Regulation 1 provides that the amended Income Tax Regulations commence on 1 December 1994. This commencement will ensure continuity of the existing Division 9 which will become Division 12 under these amendments.

Regulation 2 amends the regulations as set out in these regulations.

Regulations 3 and 4 renumber the existing Division 9 and associated regulation 147A to Division 12 and associated regulation 147G.