Federal Register of Legislation - Australian Government

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Income Tax Amendment Regulation 2012 (No. 3)

Authoritative Version
  • - F2012L01557
  • No longer in force
SLI 2012 No. 174 Regulations as made
This regulation amends the Income Tax Regulations 1936 to ensure that couples that were able to transfer amounts of pensioner tax offset (PTO) between themselves continue to be able to transfer amounts of the new seniors and pensioners tax offset (SAPTO) between themselves after 1 July 2012.
Administered by: Treasury
Registered 13 Jul 2012
Tabling HistoryDate
Tabled HR14-Aug-2012
Tabled Senate14-Aug-2012
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Commonwealth Coat of Arms

Income Tax Amendment Regulation 2012 (No. 3)1

Select Legislative Instrument 2012 No. 174

I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation under the Income Tax Assessment Act 1936.

Dated 12 July 2012

QUENTIN BRYCE

Governor-General

By Her Excellency’s Command

WAYNE SWAN


1              Name of regulation

                This regulation is the Income Tax Amendment Regulation 2012 (No. 3).

2              Commencement

                This regulation is taken to have commenced on 1 July 2012.

3              Amendment of Income Tax Regulations 1936

                Schedule 1 amends the Income Tax Regulations 1936.


Schedule 1        Amendments

(section 3)

 

[1]           Subregulation 150AB (3), definition of F

substitute

F is the taxpayer’s rebate amount for the year of income.

Note   The rebate amount is worked out in accordance with subregulations (2) and (2B), but may then be affected by regulation 150AE or 150AF.

[2]           Subregulation 150AB (3A), definition of F

substitute

F is the taxpayer’s rebate amount for the year of income.

Note   The rebate amount is worked out in accordance with subregulations (2) and (2B), but may then be affected by regulation 150AE or 150AF.

[3]           After subregulation 150AE (10)

insert

       (11)   For this regulation, if:

                (a)    TP1 received, at any time in the year of income, a pension under:

                          (i)    Part 2.3, 2.4 or 2.5 of the Social Security Act 1991; or

                         (ii)    Division 4 or 5 of Part III of the Veterans’ Entitlements Act 1986; and

               (b)    the pension payments were exempt payments under Subdivision 52‑A or 52‑B of the Income Tax Assessment Act 1997;

the amount of TP1’s assessable income of that year is to be calculated as if that pension were assessable income.

[4]           After subregulation 150AF (7)

insert

         (8)   For this regulation, if:

                (a)    TP1 received, at any time in the year of income, a pension under:

                          (i)    Part 2.3, 2.4 or 2.5 of the Social Security Act 1991; or

                         (ii)    Division 4 or 5 of Part III of the Veterans’ Entitlements Act 1986; and

               (b)    the pension payments were exempt payments under Subdivision 52‑A or 52‑B of the Income Tax Assessment Act 1997;

the amount of TP1’s assessable income for that year is to be calculated as if that pension were assessable income.


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.comlaw.gov.au.