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.