Child Support (Assessment) Amendment Regulations 2002 (No. 1)1
I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Child Support (Assessment) Act 1989.
Dated 19 December 2002
PETER HOLLINGWORTH
Governor-General
By His Excellency’s Command
LARRY ANTHONY
1 Name of Regulations
These Regulations are the Child Support (Assessment) Amendment Regulations 2002 (No. 1).
2 Commencement
These Regulations are taken to have commenced on 14 February 2002.
3 Amendment of Child Support (Assessment) Regulations 1989
Schedule 1 amends the Child Support (Assessment) Regulations 1989.
Schedule 1 Amendments
(regulation 3)
[1] Before subregulation 7 (1)
insert
Generally
[2] After subregulation 7 (1)
insert
Taxpayers investing in mass marketed schemes
(1A) The following circumstance is prescribed for the purposes of subsection 56 (3) of the Act:
(a) the Commissioner has written to a person (the taxpayer):
(i) concerning an announcement by the Commissioner, on 14 February 2002, allowing taxpayers who were investors in schemes identified by the Commissioner as mass marketed tax effective schemes a deduction for certain actual cash outlays; and
(ii) proposing to amend the assessment of the taxpayer to the effect that the taxable income of the taxpayer for a particular year of income is reduced, taking into account such a cash outlay; and
(b) the taxpayer has responded, accepting the Commissioner’s proposal; and
(c) the Commissioner has subsequently amended the assessment of the taxpayer, effecting a reduction in the taxable income of the taxpayer for the year of income in accordance with the Commissioner’s proposal.
[3] Subregulation 7 (2)
omit
subregulation (1).
insert
subregulation (1) or (1A).
Notes
1. These Regulations amend Statutory Rules 1989 No. 259, as amended by 1991 No. 81; 1992 No. 63; 1993 No. 131; 1994 No. 129; 1995 Nos. 179 and 292; 1996 Nos. 142 and 273; 1997 Nos. 170 and 374; 1998 No. 164; 1999 Nos. 5, 103, 286 and 313; 2001 No. 204.
2. Notified in the Commonwealth of Australia Gazette on 20 December 2002.