Statutory Rules 1997    No. 1981
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Income Tax Assessment Regulations
I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council and under section 4 of the Acts Interpretation Act 1901, make the following Regulations under the Income Tax Assessment Act 1997.
Dated 9 July 1997.

	WILLIAM DEANE
	Governor-General
By His Excellency’s Command,

c. r. kemp
Assistant Treasurer
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Citation
	1.	These Regulations may be cited as the Income Tax Assessment Regulations.
Commencement
	2.	These Regulations commence on 1 July 1997.
Allowance and bounty prescribed for items 1.1 and 1.2 in Section 51-5 of Act
	51-5.01	For items 1.1 and 1.2 of section 51-5 of the Act, the following allowances and bounties are prescribed:
	(a)	a separation allowance payable on or after 12 October 1982 under Determination 0202 (Separation Allowance) made under the Defence Act 1903;
	(b)	a living out allowance payable on or after 17 July 1984 under Determination 0507 (Living Out Allowance) made under that Act;
	(c)	a living out away from home allowance payable on or after 20 December 1984 under Determination 0508 (Living Out Away From Home Allowance) made under that Act;
	(d)	an education allowance payable on or after 23 October 1984 under Determination 0501 (Education Allowance) made under that Act;
	(e)	a scholarship allowance payable on or after 24 October 1984 under Determination 0502 (Scholarship Allowance) made under that Act;
	(f)	financial assistance payable on or after 30 November 1984 under Determination 3725 (Education Assistance Overseas) made under that Act;
	(g)	a child education allowance payable on or after 
12 October 1984 under Determination 3726 (Child Education Allowance) made under that Act;
	(h)	a re-engagement bounty payable on or after 
30 November 1984 under Determination 0701 
(Re-engagement Bounty) made under that Act;
	(j)	a disturbance allowance payable on or after 1 July 1991 under Determination 0505 (Disturbance Allowance) made under that Act;
	(k)	a transfer allowance payable on or after 1 July 1991 under Determination 3702 (Transfer Allowance) made under that Act;
	(l)	a deployment allowance, in respect of non-warlike service, payable on or after 31 July 1994 under a Determination made under that Act.
Cost of natural increase of live stock—paragraph 70-55 (1) (b) of Act
	70-55.01	For paragraph 70-55 (1) (b) of the Act, the cost prescribed for each animal in a class of live stock set out in column 1 of the following table is the amount applicable to that class in column 2 of the table.

Column 1
Class of live stock	Column 2
Cost
$	
cattle	20.00	
deer	20.00	
emus	8.00	
goats	4.00	
horses	20.00	
pigs	12.00	
poultry	0.35	
sheep	4.00	
[NOTE:  For the cost prescribed for natural increase occurring before the 1997-98 year of income, see subregulation 10 (3) of the Income Tax Regulations.]
Definitions
	995-1.01	In these Regulations, unless the contrary intention appears:
“Act” means the Income Tax Assessment Act 1997.
	
NOTE
1.	Notified in the Commonwealth of Australia Gazette on 16 July 1997.