Income Tax Regulations 1936 (Repealed)
View history note
Hide history notePt 6 repealed by SLI No 39 of 2015, reg 4 and Sch 1 item 19, effective 1 July 2015.
Pt 6, formerly Pt VA, renumbered by SR No 192 of 1990. Part inserted by Act No 97 of 1988.
(Repealed by SLI No 39 of 2015)
Reg 56 repealed by SLI No 39 of 2015, reg 4 and Sch 1 item 19, effective 1 July 2015. Reg 56 formerly read:
For the meaning of
approved form
, see subsection
6(1)
of the Act and section
388-50
of Schedule
1
to the
Taxation Administration Act 1953
.
REGULATION 56 ANNUAL INVESTMENT INCOME REPORTS
56(1)
A person who at any time during a financial year is an investment body that accepted any investments mentioned in section
202D
of the Act must give to the Commissioner a written report relating to those investments in the following form:
(a)
for a report in respect of a financial year beginning on or before 1 July 2008
-
a form approved by the Commissioner;
(b)
for a report in respect of a financial year beginning on or after 1 July 2009
-
the approved form.
Note:
Reg 56(1) substituted by SLI No 30 of 2009, reg 3 and Sch 1 item 1, effective 1 October 2010. Reg 56(1) formerly read:
56(1)
A person who at any time during a financial year is an investment body that accepted any investments mentioned in section 202D of the Act must give to the Commissioner in a form approved by the Commissioner a written report relating to those investments.
Reg 56(1) substituted by SR No 240 of 1991.
56(2)
Subregulation (1) does not apply to a financial year that ended at or before the end of the phasing-in period.
56(3)
The report shall be given to the Commissioner within 4 months after the end of the financial year to which it relates, or within such further time as the Commissioner, by written notice given to the investment body, allows.
56(4)
Subject to subregulation (4A), the report must state, in relation to each investment, in respect of the financial year:
(a) the full name of:
(i) the investor; or
(ii) each of 2 investors; or
as the case requires; and
(iii) 2 of 3 or more investors;
(b) the address of:
(i) the investor; or
as the case requires; and
(ii) 1 of 2 or more investors;
(c) where there were more than 2 investors - that fact; and
(d) the tax file number (if any) quoted, for the purpose of Part VA of the Act, or the ABN (if any) quoted under section 12-155 of Schedule 1 to the Taxation Administration Act 1953 , by:
(i) the investor; or
(ii) each of 2 investors; or
as the case requires; and
(iii) 2 of 3 or more investors;
(e) where an investor is to be taken to have quoted his or her tax file number because of the application of a provision of Division 5 of that Part - the code approved by the Commissioner; and
(f) unless paragraph (fa) applies - the total amount of income paid by the investment body; and
(fa) if income is paid under an eligible deferred interest investment entered into on or after 1 February 1992:
(i) so much of the payment as is a periodic interest payment within the meaning of Division 16E of Part III of the Act; and
(ii) if the income became payable at the end of the term of the investment - so much of the amount of the payment as does not exceed the amount that would have been included in the investor ' s assessable income for the year of income in which the term ended if section 159GQ and paragraph 159GR(2)(c) of the Act applied to the investor; and
(iii) any amount that is taken under section 159GQ of the Act to be included in the investor ' s assessable income for the year of income, excluding any amount of that kind for the year of income in which the end of the term of the investment occurred; and
(g) the total amount of:
(i) (Repealed by SLI No 216 of 2006)
(ii) any amounts withheld under sections 12-140 and 12-145 of Schedule 1 to the Taxation Administration Act 1953 ; and
(iii) any payments made under Division 14 of Schedule 1 to that Act because of the operation of sections 12-140 and 12-145 ; and
(ga) the amount of any TFN withholding tax paid by the investment body; and
(h) where the investment body has paid an amount of income to a non-resident:
(i) the overseas address of the non-resident; and
(ii) the overseas address code applicable to that address, being one of the codes specified by the Commissioner; and
(iii) the total of any amount withheld under Subdivision 12-F of Schedule 1 to the Taxation Administration Act 1953 and any payment made under Division 14 of that Schedule because of the operation of Subdivision 12-F ; and
(iv) the total of any amounts withheld from fund payments under Subdivision 12-H of Schedule 1 of the Taxation Administration Act 1953 ; and
(j) the investment reference number (if any).
Archived:
Reg 56(4)(g)(i) repealed as inoperative and reg 56(4)(h)(iii) substituted by SLI No 216 of 2006, reg 3 and Sch 1 items 4 and 5, effective 14 September 2006. For former wording see the CCH Australian Income Tax Legislation archive .
S 56(4) amended by SLI No 141 of 2008, reg 3 and Sch 1 item 1, by inserting para (h)(iv), applicable to amounts withheld from fund payments made in relation to the first income year starting on or after the first 1 July after 23 June 2008, and later income years.
Reg 56(4) amended by SR No 72 of 2000, SR No 449 of 1992 and 240 of 1991.
56(4A)
In relation to each secondary investment to which section 202DDB of the Act applies, the report must state in respect of the financial year:
(a) the full name of the interposed entity; and
(b) the full name of each of the primary investors identified in the descriptive title of the investment in accordance with regulation 56A ; and
(c) the address of the interposed entity; and
(d) the tax file number (if any) quoted, or taken to have been quoted, for the purpose of Part VA of the Act, and the ABN (if any) quoted under section 12-155 of Schedule 1 to the Taxation Administration Act 1953 , by the interposed entity; and
(e) where the interposed entity is taken to have quoted the interposed entity ' s tax file number because of the application of a provision of Division 5 of that Part - the code approved by the Commissioner; and
(f) the total amount of income paid by the secondary investment body, excluding any amount that is taken to be included in the income of an investor under section 159GQ or paragraph 159GR(2)(c) of the Act; and
(fa) in respect of an investment entered into on or after 1 February 1992 - the total amount that is taken to be included in the income of the investor, or each of the investors, under section 159GQ of the Act excluding income that has already been included in a report under this subregulation; and
(fb) in respect of an investment entered into on or after 1 February 1992 - any amount that is taken to be included in the income of an investor under paragraph 159GR(2)(c) of the Act; and
(g) the total amount of:
(i) (Repealed by SLI No 216 of 2006)
(ii) any amounts withheld under section 12-140 or 12-145 of Schedule 1 to the Taxation Administration Act 1953 ; and
(iii) any payments made under Division 14 of Schedule 1 to that Act because of the operation of sections 12-140 and 12-145 ; and
(ga) the amount of any TFN withholding tax paid by the investment body; and
(h) the investment reference number (if any).
Archived:
Reg 56(4A)(g)(i) repealed as inoperative by SLI No 216 of 2006, reg 3 and Sch 1 item 6, effective 14 September 2006. For former wording see the CCH Australian Income Tax Legislation archive .
Reg 56(4A) amended by SR No 72 of 2000 and SR No 449 of 1992.
Reg 56(4A), (5), (5A) and (5B) substituted for former reg 56(5) by SR No 240 of 1991.
56(5)
Subject to subregulation (5B), subregulation (1) does not apply to an investment in relation to a financial year if the total amount of income paid on the investment is less than $1.
Reg 56(5) substituted by SR No 289 of 2001.
Reg 56(4A), (5), (5A) and (5B) substituted for former reg 56(5) by SR No 240 of 1991.
56(5A)
Subject to subregulation (5B), subregulation (1) does not apply to a person who at any time during a financial year is an investment body that accepted an investment if the total number of the investments that the person accepted during the financial year is less than 10.
Reg 56(4A), (5), (5A) and (5B) substituted for former reg 56(5) by SR No 240 of 1991.
56(5B)
Subregulation (1) applies to an investment in relation to a financial year if a person who at any time in the financial year is the investment body that accepted the investment is required:
(a) to withhold under section 12-140 or 12-145 of Schedule 1 to the Taxation Administration Act 1953 , an amount from any income that an investor is entitled to receive in the financial year in respect of the investment; or
(b) to pay an amount to the Commissioner under Division 14 of Schedule 1 to that Act because of the operation of those sections.
Reg 56(5B)(a) amended by SLI No 216 of 2006, reg 3 and Sch 1 item 7, by amending references to repealed inoperative provisions, effective 14 September 2006.
Reg 56(5B) substituted by No 72 of 2000.
Reg 56(4A), (5), (5A) and (5B) substituted for former reg 56(5) by SR No 240 of 1991.
56(5C)
For the purposes of paragraph (4)(fa), any accounting period, other than a year of income, that is adopted in relation to the income is to be ignored.
Reg 56(5C) inserted by SR No 449 of 1992.
56(6)
For the purposes of paragraphs (4)(f) and (h), (4A)(f) and subregulation (5):
(a) where income is not actually paid to a person but is reinvested, accumulated, capitalised or otherwise dealt with on behalf of the person, or as the person directs, the income shall be taken to be paid to the person when it is so reinvested, accumulated, capitalised or otherwise dealt with;
(b) where a person becomes presently entitled, as an investor in relation to an investment of the kind mentioned in item 5 in the table in subsection 202D(1) of the Act, to a share of income in respect of the investment, that share of the income shall be taken to be paid to the person as income in respect of the investment when the person becomes so entitled;
(c) (Omitted by SR No 240 of 1991)
56(7)
(Omitted by SR No 240 of 1991)
56(8)
(Omitted by SR No 289 of 2001)
Reg 56(8) amended by SR No 240 of 1991.
56(9)
In this regulation " investor " , in relation to an investment in relation to a financial year, means a person who was, at any time during the financial year, an investor, as defined in section 202D of the Act, in relation to the investment.
Reg 56(9) amended by SR No 240 of 1991.
Reg 56, formerly reg 43C, renumbered by SR No 192 of 1990.
[Note: The following history notes for the pre-1 July 1990 amendments to this Regulation reflect its former numbering.]
Reg 43C(4) substituted by SR No 151 of 1990.
Reg 43C(5)(b) substituted by SR No 151 of 1990.
Reg 43C(6) amended by SR No 151 of 1990.
Reg 43C(9) inserted by SR No 151 of 1990.
Reg 43C inserted by Act No 97 of 1988.
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