Income Tax Assessment Amendment Regulations 2003 (No. 1)
(39 of 2003)
27 March 2003
Made under the Income Tax Assessment Act 1997
1 Name of Regulations
These Regulations are theIncome Tax Assessment Amendment Regulations 2003 (No. 1).
2 Commencement
These Regulations are taken to have commenced as follows:
(a) on 1 July 2001 - regulations 1 to 3 and Schedule 1;
(b) on 6 July 2002 - Schedule 2.
3 Amendment of Income Tax Assessment Regulations 1997
Schedules 1 and 2 amend theIncome Tax Assessment Regulations 1997.
Schedule 1 Amendment taken to have commenced on 1 July 2001
[1] After regulation 70-55.01
insert
Division 328 STS taxpayers
328-375.01 Calculation of STS group turnover - fuel retailers
(1) For subsection 328-375 (4) of the Act, the way in which to calculate the STS group turnover for an income year of an entity ( entity 1 ) that sells retail fuel is:
(a) work out an amount for entity 1 using the method in subsection 328-375 (1) of the Act; and
(b) reduce the amount by:
(i) the part of the value of the business supplies entity 1 made in the income year that is attributable to the supply of retail fuel to any entity other than an entity that is grouped with entity 1; and
(ii) the part of the value of the business supplies entities grouped with entity 1 made in the income year that is attributable to the supply of retail fuel to any entity other than:
(A) entity 1; or
(B) a third entity (while the entity and the third entity were grouped with entity 1).
(2) In this regulation:
retail fuel means:
(a) fuel, within the meaning of theFuel Sales Grants Act 2000, that is sold by retail; and
(b) liquefied petroleum gas that is sold by retail.
Note 1 Section 328-380 of the Act explains arrangements relating to grouped entities.
Note 2 The expression value of the business supplies is explained in section 960-345 of the Act.
Schedule 2 Amendment taken to have commenced on 6 July 2002
[1] Part 6, heading, and Division 995, heading
relocate after regulation 328-375.01