The Government promulgated Taxation Administration Regulations 2017 , which were registered on Thur 21.9.2017. They are to replace the 1976 Regulations which were due to sunset on 1 October 2017.
The remade 2017 Regulations have been revised in several respects to adopt simpler language and remove duplicate or redundant provisions. However, the 2017 Regulations are not intended to alter the current meaning or operation of the 1976 regs. The key changes restructure the regulations to follow the Taxation Administration Act 1953 (TAA) more closely. For example:
- the headings to Parts of the regulations have been updated to state whether they relate to the TAA or Sch 1 to the TAA.
- Expressions in sections that are made for the purpose of Sch 1 to the TAA take their meaning from the ITAA 1997, rather than the TAA to avoid duplication.
- Certain provisions dealing with withholding payments to foreign residents and closely held trusts have also been restructured so that the provisions that prescribe what types of payments are covered are separate from the provisions for working out the amount of the payment.
DATE OF EFFECT: 1 October 2017.
[Federal Register of Legislation: 2017 Regulations; LTN 181, 21/9/17]