• Legal database
Legal database

Income Tax Amendment Regulations 2010 (No. 1)

(7 of 2010)

Dated 10 February 2010

Income Tax Assessment Act 1936

1   Name of Regulations

These Regulations are theIncome Tax Amendment Regulations 2010 (No. 1).

2   Commencement

These Regulations are taken to have commenced on 1 July 2009.

Note See item 87 of Schedule 1 to theTax Laws Amendment (2009 Budget Measures No. 2) Act 2009.

3   Amendment of Income Tax Regulations 1936

Schedule 1 amends theIncome Tax Regulations 1936.

Schedule 1   Amendments

[1]   Subregulation 2 (1), after the definition of effective

insert

ESS interest has the meaning given by susbsection 83A-10 (1) of theIncome Tax Assessment Act 1997.

[2]   Regulation 20, table, item 4

substitute

4

Paragraph (f) of item 1 of the table in subsection 170 (1)

Paragraph (e) of item 2 of the table in subsection 170 (1)

Paragraph (d) of item 3 of the table in subsection 170 (1)

All of the following exist in the year of income mentioned in the item:

(a) a taxpayer has acquired an ESS interest;

(b) subsection 83A-35 (5) of theIncome Tax Assessment Act 1997 (integrity rule about share trading and investment companies)did not apply to the ESS interest;

(c) the entity that provided the ESS interest to the taxpayer is not a small business entity in relation to which item 2 or 3 of the table in subsection 170 (1) of the Act applies.