Income Tax Amendment Regulation 2012 (No. 3)

Link to law: https://www.comlaw.gov.au/Details/F2012L01557

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Income Tax Amendment Regulation 2012 (No. 3)1
Select Legislative Instrument 2012 No. 174
I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation under the Income Tax Assessment Act 1936.
Dated 12 July 2012
QUENTIN BRYCE
Governor-General
By Her Excellency’s Command
WAYNE SWAN
Treasurer
1              Name of regulation
                This regulation is the Income Tax Amendment Regulation 2012 (No. 3).
2              Commencement
                This regulation is taken to have commenced on 1 July 2012.
3              Amendment of Income Tax Regulations 1936
                Schedule 1 amends the Income Tax Regulations 1936.
Schedule 1        Amendments
(section 3)
 
[1]           Subregulation 150AB (3), definition of F
substitute
F is the taxpayer’s rebate amount for the year of income.
Note   The rebate amount is worked out in accordance with subregulations (2) and (2B), but may then be affected by regulation 150AE or 150AF.
[2]           Subregulation 150AB (3A), definition of F
substitute
F is the taxpayer’s rebate amount for the year of income.
Note   The rebate amount is worked out in accordance with subregulations (2) and (2B), but may then be affected by regulation 150AE or 150AF.
[3]           After subregulation 150AE (10)
insert
       (11)   For this regulation, if:
                (a)    TP1 received, at any time in the year of income, a pension under:
                          (i)    Part 2.3, 2.4 or 2.5 of the Social Security Act 1991; or
                         (ii)    Division 4 or 5 of Part III of the Veterans’ Entitlements Act 1986; and
               (b)    the pension payments were exempt payments under Subdivision 52‑A or 52‑B of the Income Tax Assessment Act 1997;
the amount of TP1’s assessable income of that year is to be calculated as if that pension were assessable income.
[4]           After subregulation 150AF (7)
insert
         (8)   For this regulation, if:
                (a)    TP1 received, at any time in the year of income, a pension under:
                          (i)    Part 2.3, 2.4 or 2.5 of the Social Security Act 1991; or
                         (ii)    Division 4 or 5 of Part III of the Veterans’ Entitlements Act 1986; and
               (b)    the pension payments were exempt payments under Subdivision 52‑A or 52‑B of the Income Tax Assessment Act 1997;
the amount of TP1’s assessable income for that year is to be calculated as if that pension were assessable income.
Note
1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.comlaw.gov.au.