Income Tax Point-in-Time Service Updates

Wednesday 4 October 2017 @ 9.45 a.m.

The Income Tax Point-in-Time Service has been updated to include the amendments from the Safety, Rehabilitation and Compensation Legislation Amendment (Defence Force) Act 2017 (108 of 2017), as well as the new principal Taxation Administration Regulations 2017.

Act 108 of 2017

This Act will create the Safety, Rehabilitation and Compensation (Defence-related Claims) Act 1988 (DRC Act), which will be a re-enacted version of the Safety, Rehabilitation and Compensation Act 1988 (SRC Act) that is modified to apply only to members of the Defence Force and their dependants. The Act will also amend the SRC Act to remove cover for members of the Defence Force and their dependants from that Act. The DRC Act will maintain the existing entitlements of the SRC Act for members of the Defence Force and their dependants.

Taxation Administration Regulations 2017

These Regulations remake and improve the Taxation Administration Regulations 1976, which are due to sunset, by repealing redundant provisions, simplifying language and restructuring provisions for ease of navigation. The key changes are:

  • the structure of the Regulations has been changed from that used in the Taxation Administration Regulations 1976 to follow the Act more closely;
  • headings to Parts of the Regulations have been updated to state whether they relate to the body of the Act or Schedule 1 to the Act;
  • expressions in sections that are made for the purpose of Schedule 1 to the Act take their meaning from the Income Tax Assessment Act 1997, rather than the body of the Act. The effect of this is that a number of expressions that were duplicated from the Income Tax Assessment Act 1997 have been removed; and
  • certain provisions that deal with withholding payments to foreign residents have 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.

The amendments made by this Act and the new Regulation have been updated in the Point-in-Time Income Tax Service current to 3 October 2017. (NB: Subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.