STATUTORY RULES.

1953.  No. 55.

REGULATION UNDER THE INCOME TAX AND SOCIAL
SERVICES CONTRIBUTION ASSESSMENT ACT 1936-1953.*

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the Income Tax and Social Services Contribution Assessment Act 1936-1953.

Dated this  Fourth

day of  June ,   1953.

W. J. Slim

Governor-General.

By His Excellency’s Command,

Treasurer.

Amendment of the Income Tax and Social Services Contribution
Regulations.†

After regulation 4a of the Income Tax and Social Services Contribution Regulations the following regulation is inserted:—

Wine and spirit stocks.

“ 4b.—(1.) An election under sub-section (2.) of section 31a of the Act—

(a) shall be in writing and signed by the taxpayer ;

(b) shall be delivered to the Commissioner at the place where, under those Regulations, the return of income of the taxpayer for the year of income in relation to which the election, is made is required to be furnished ; and

(c) shall be so delivered on or before the date on which the taxpayer furnishes that return.

“ (2.) For the purposes of sub-section (2.) of section 31a of the Act—

(a) the prescribed unit of a class of trading stock specified in Column 1 of the table in this sub-regulation is the unit specified opposite to that class in Column 2 of that table ; and

* Notified in the Commonwealth Gazette on                                                  , 1953.

† Statutory Rules 1936, No. 94, as amended by Statutory Rules 1939, Nos 6 and 42 ; 1040, Nos. 138 and 289 ; 1941, Nos. 120 and 327 ; 1942, Nos. 339 and 553 ; 1943, Nos. 80, 127 and 151 ; 1944, Nos. 90 and 124 ; 1945, Nos. 12, 85 169 and 192 ; 1916, No. 135 ; 1947, Nos. 77 and 173 ; 1948, Nos. 115 and 102 ; 1949, Nos 25 and 50 ; 1950, Nos. 63 and 101 ; 1951, Nos. 136 and 157 ; and 1952, Nos. 89, 90 and 102.

2172.—Price 3d.  9/6.5.1953.

(b) the prescribed minimum value in respect of a unit so specified is the amount specified in Column 3 of that table opposite to that unit.

By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.