Statutory Rules 1992   No. 3131

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Income Tax Regulations2 (Amendment)

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

 Dated 30 September 1992.

 BILL HAYDEN

 Governor-General

 By His Excellency’s Command,

JOHN DAWKINS

Treasurer

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1.   Amendment

1.1   The Income Tax Regulations are amended as set out in these Regulations.

[NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s.48.]

2.   Regulation 10 (Live stock)

2.1   Subregulations 10 (1) and (2):

Omit the subregulations, substitute:

 “(1) For the purposes of subsection 32 (7) of the Act, the time within which an option as to the value of live stock may be exercised is the period:

 (a) commencing on the day on which this subregulation commences; and

 (b) ending at the end of:

 (i) the day on which a return is lodged for the year of income to which the option relates; or

 (ii) if the Commissioner fixes a day, later than that day, for the purposes of this paragraph—the day fixed by the Commissioner.

 “(2) For the purposes of paragraph 34 (2) (a) of the Act, the time within which a taxpayer may select the cost price of natural increase of a class of live stock is the period:

 (a) commencing on the day on which this subregulation commences; and

 (b) ending at the end of:

 (i) the day on which a return is lodged for the year of income to which the selection relates; or

 (ii) if the Commissioner fixes a day, later than that day, for the purposes of this paragraph—the day fixed by the Commissioner.”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on  7 October 1992.

2. Statutory Rules 1936 No. 94 as amended by 1939 Nos. 6 and 42; 1940 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; 1946 No. 135; 1947 Nos. 77 and 173; 1948 Nos. 115 and 162; 1949 Nos. 25 and 50; 1950 Nos. 63 and 101; 1951 Nos. 136 and 157; 1952 Nos. 89, 90 and 102; 1953 Nos. 55 and 88; 1954 Nos. 11, 99 and 112; 1955 No. 23; 1956 Nos. 34, 35 and 96; 1957 Nos. 39 and 74; 1958 Nos. 27 and 70; 1959 Nos. 25 and 81; 1960 Nos. 44 and 74; 1962 Nos. 15, 44 and 112; 1963 Nos. 53 and 92; 1964 Nos. 74, 121 and 134; 1965 Nos. 133 and 187; 1966 No. 156; 1967 Nos. 112 and 126; 1968 No.1; 1969 No. 68; 1970 Nos. 43, 126, 168 and 213; 1971 Nos. 120 and 148; 1972 Nos. 48, 50 and 137; 1973 No. 266; 1974 Nos.

NOTES—continued

 193, 226 and 267; 1975 Nos. 88, 89, 99, 101 and 213; 1976 Nos. 115, 188 and 212; 1977 Nos. 77, 107 and 248; 1978 Nos. 85 and 193; 1979 Nos. 126 and 239; 1980 Nos. 86, 137 and 149; 1981 Nos. 116 and  360; 1982 Nos. 115, 128, 267 and 280; 1983 Nos. 79, 87, 111, 213 and 319; 1984 Nos. 172, 286, 408, and 416; 1985 Nos. 21, 148, 274 and 278; 1986 No. 325 and Acts Nos. 28, 49 and 112, 1986; 1987 Nos. 92 and 120; 1988 Nos. 196, 208, 262, 381, 382, 383 and 384 and Act No. 97, 1988; 1989 Nos. 67, 80, 115, 123, 124, 141, 250 and 358; 1990 Nos. 19, 126, 151, 152, 192, 347, 390, 398 and 468; 1991 Nos. 20, 121, 156, 158, 240, 300, 301, 390 and 391; 1992 Nos. 38, 129 and 216.