Income Tax Amendment Regulations 2006 (No. 4)1
Select Legislative Instrument 2006 No. 187
I, PHILIP MICHAEL JEFFERY, 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 13 July 2006
P. M. JEFFERY
Governor‑General
By His Excellency’s Command
PETER CRAIG DUTTON
Minister for Revenue and Assistant Treasurer
1              Name of Regulations
                These Regulations are the Income Tax Amendment Regulations 2006 (No. 4).
2              Commencement
                These Regulations commence on the day after they are registered.
3              Amendment of Income Tax Regulations 1936
                Schedule 1 amends the Income Tax Regulations 1936.
Schedule 1        Amendments
(regulation 3)
  
[1]           Subregulation 97 (2), after definition of eligible service period
insert
EPSSS has the same meaning as in the SIS Regulations.
[2]           Subregulation 97 (2), after definition of receiving fund
insert
receiving spouse has the meaning given by regulation 6.46 of the SIS Regulations.
[3]           Regulation 98B
omit
                An amount
insert
         (1)   An amount
[4]           Regulation 98B
before
contributions‑splitting amount
insert
spouse
[5]           Regulation 98B
insert
         (2)   An amount is a spouse contributions‑splitting amount for the definition of contributions‑splitting ETP in subsection 27A (1) of the Act if the amount:
                (a)    is:
                          (i)    paid into a superannuation fund from an EPSSS; or
                         (ii)    transferred within an EPSSS; and
               (b)    would be a spouse contributions‑splitting amount because of subregulation (1) if:
                          (i)    the EPSSS were a regulated superannuation fund; and
                         (ii)    the amount had been rolled over, transferred or allotted under Division 6.7 of the SIS Regulations.
[6]           Subregulation 98C (1)
substitute
         (1)   For paragraph 27D (8) (a) of the Act, an election under subsection 27D (1) of the Act is taken to have been made by a taxpayer in relation to a qualifying ETP that is a contributions-splitting ETP if the amount is designated as a spouse contributions‑splitting amount by regulation 98B.
[7]           Paragraph 98C (2) (b)
omit
contributions.
insert
contributions;
[8]           After paragraph 98C (2) (b)
insert
                (c)    subject to subregulation (4) — the untaxed element of a post‑June 83 component.
[9]           Subregulation 98C (4)
substitute
         (4)   For subregulation (2):
                (a)    the amount mentioned in paragraph (2) (a) must not exceed the amount of taxed splittable contributions (within the meaning of Division 6.7 of the SIS Regulations or Division 4.5 of the RSA Regulations) that:
                          (i)    the taxpayer has applied to split under regulation 6.44 of the SIS Regulations; or
                         (ii)    the taxpayer has applied to split under 4.41 of the RSA Regulations; or
                         (iii)    the taxpayer has applied to have dealt with in a way that would result in the amount becoming a spouse contributions‑splitting amount because of subregulation 98B (2); and
               (b)    the amount mentioned in paragraph (2) (b) must not exceed the amount of untaxed splittable contributions (within the meaning of Division 6.7 of the SIS Regulations or Division 4.5 of the RSA Regulations) that:
                          (i)    the taxpayer has applied to split under regulation 6.44 of the SIS Regulations; or
                         (ii)    the taxpayer has applied to split under 4.41 of the RSA Regulations; or
                         (iii)    the taxpayer has applied to have dealt with in a way that would result in the amount becoming a spouse contributions‑splitting amount because of subregulation 98B (2); and
                (c)    the amount mentioned in paragraph (2) (c) must not exceed the amount of untaxed splittable employer contributions (within the meaning of Division 6.7 of the SIS Regulations) that:
                          (i)    the taxpayer has applied to split under regulation 6.44 of the SIS Regulations; or
                         (ii)    the taxpayer has applied to split under 4.41 of the RSA Regulations; or
                         (iii)    the taxpayer has applied to have dealt with in a way that would result in the amount becoming a spouse contributions‑splitting amount because of subregulation 98B (2).
[10]         Regulation 98D
substitute
                For subsections 82AAT (1BA) and (1CCA) of the Act, each of the following is designated as a contributions‑splitting application:
                (a)    an application under regulation 6.44 of the SIS Regulations;
               (b)    an application under regulation 4.41 of the RSA Regulations;
                (c)    an application to deal with an amount in a way that would result in the amount becoming a spouse contributions-splitting amount because of subregulation 98B (2).
[11]         Paragraphs 99D (1) (a), (c) and (m)
omit
taxpayer’s
insert
relevant person’s
[12]         Paragraphs 99D (1) (b) and (m)
omit
taxpayer
insert
relevant person
[13]         After subregulation 99D (3)
insert
         (4)   In subregulation (1):
relevant person means:
                (a)    the taxpayer; or
               (b)    for a contributions‑splitting ETP — the receiving spouse.
[14]         Amendments relating to references to the SIS Regulations
 
Provision
omit
insert

Subregulation 97 (2), definition of preserved benefits
Superannuation Industry (Supervision) Regulations.
SIS Regulations.

Subregulation 97 (2), definition of restricted non‑preserved benefits
Superannuation Industry (Supervision) Regulations.
SIS Regulations.

Subregulation 97 (2), definition of unrestricted non‑preserved benefits
Superannuation Industry (Supervision) Regulations.
SIS Regulations.

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.frli.gov.au.