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Income Tax Amendment Regulations 2005 (No. 9)

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Income Tax Amendment Regulations 2005 (No. 9)1 Select Legislative Instrument 2005 No. 327
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 15 December 2005 P. M. JEFFERY Governor-General By His Excellency’s Command MAL BROUGH Minister for Revenue and Assistant Treasurer
1              Name of Regulations                 These Regulations are the Income Tax Amendment Regulations 2005 (No. 9). 2              Commencement                 These Regulations commence on 1 January 2006. 3              Amendment of Income Tax Regulations 1936                 Schedule 1 amends the Income Tax Regulations 1936.

Schedule 1        Amendments (regulation 3)    [1]           Subregulation 2 (1), after definition of preferred address for service insert RSA Regulations means the Retirement Savings Accounts Regulations 1997. SIS Regulations means the Superannuation Industry (Supervision) Regulations 1994. [2]           After regulation 98 insert in Subdivision 3
98B         Spouse contributions-splitting amounts (Act s 27A)                 An amount that is rolled over, transferred or allotted under Division 6.7 of the SIS Regulations or Division 4.5 of the RSA Regulations is a contributions-splitting amount for the purpose of the definition of contributions-splitting ETP in subsection 27A (1) of the Act.
98C         Election taken to have been made in relation to a qualifying ETP that is a contributions-splitting ETP (Act s 27D)          (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 an amount is rolled over, transferred or allotted under Division 6.7 of the SIS Regulations or Division 4.5 of the RSA Regulations.          (2)   For paragraph 27D (8) (b) of the Act, the taxpayer is taken to have specified the following matters in an election, taken to have been made under subregulation (1), that the ETP consists only of 1 or more of the following:                 (a)    subject to subregulation (4) — the taxed element of a post-June 83 component;                (b)    subject to subregulation (4) — undeducted contributions.          (3)   For paragraph 27D (8) (c) of the Act, for the purpose of applying section 27D of the Act to an election taken to have been made under subregulation (1), the taxpayer mentioned in section 27D of the Act is the applicant (within the meaning of Division 6.7 of the SIS Regulations or Division 4.5 of the RSA Regulations).          (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 the taxpayer has applied to split under regulation 6.44 of the SIS Regulations or regulation 4.41 of the RSA Regulations; 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 the taxpayer has applied to split under regulation 6.44 of the SIS Regulations or regulation 4.41 of the RSA Regulations.
98D         Contributions-splitting applications (Act s 82AAT)                 For subsections 82AAT (1BA) and (1CCA) of the Act, an application under regulation 6.44 of the SIS Regulations or regulation 4.41 of the RSA Regulations is a contributions-splitting application.
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.