Commonwealth Numbered Regulations - Explanatory Statements

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INCOME TAX ASSESSMENT AMENDMENT REGULATIONS 2009 (NO. 1) (SLI NO 13 OF 2009)

EXPLANATORY STATEMENT Select Legislative Instrument 2009 No. 13

 

Issued by authority of the Assistant Treasurer

Income Tax Assessment Act 1997

Income Tax Assessment Amendment Regulations 2009 (No. 1)

Subsection 909-1(1) of the Income Tax Assessment Act 1997 (the Act) provides that the Governor-General may make regulations prescribing matters that the Act requires or permits to be prescribed, or are necessary or convenient to prescribe for carrying out or giving effect to the Act.

Subsection 995-1(1) of the Act defines a ‘prescribed private fund’ as a fund that is prescribed by the regulations for the purposes of the definition, but does not include any fund that has been declared by the Treasurer or his delegate, in writing, not to be a prescribed private fund.

A prescribed private fund is a fund listed in the table under regulation 995-1.02 of the Income Tax Assessment Regulations 1997 (the Principal Regulations) on and from the date specified in that table.

The purpose of the Regulations is to update the table under regulation 995‑1.02 to take account of changes approved by the Government since the table was last updated.

Each fund is established and maintained for the purpose of providing money, property or benefits to a fund, authority or institution that is listed either by name or by type in a table of deductible gift recipients in Subdivision 30-B of the Act.

Section 30-15 of the Act provides for the tax deductibility of gifts or contributions to prescribed private funds.

The Australian Taxation Office assesses funds that wish to be prescribed as ‘prescribed private funds’ against certain guidelines and then makes recommendations to the Assistant Treasurer.

The Regulations prescribe 172 new funds for the purposes of the definition of ‘prescribed private fund’. The funds are listed in the Attachment. Each of the funds listed is a prescribed private fund on and from the date of effect specified in the Regulations.

In addition, the Regulations amend the table under regulation 995‑1.02 to reflect a declaration of the Assistant Treasurer that ended the period of eligibility for three prescribed private funds to receive tax deductible gifts. These funds remain in the Principal Regulations to reflect the period that they were eligible to receive tax deductible gifts.

The Regulations commence on the day after they are registered on the Federal Register of Legislative Instruments. However, they provide for different dates of effect for the funds, namely the dates of approval by the Government.

While these dates applicable to the 172 new funds are earlier than the date of registration of the Regulations, subsection 12(2) of the Legislative Instruments Act 2003 does not have any application. Subsection 12(2) prohibits the retrospective operation of regulations that adversely affect the rights of, or impose liabilities upon, a person. The Regulations are beneficial to the institutions and funds concerned and to taxpayers making donations to them.

The retrospective amendment to the table under regulation 995‑1.02, reflecting the end of the period of eligibility for three prescribed private funds to receive tax deductible gifts, does not adversely affect the rights of, or impose liabilities upon a person. Subsection 995-1(1) of the Act ends the eligibility of an organisation to receive tax deductible gifts from the date of the Assistant Treasurer’s signature. The update of the Principal Regulations merely reflects what has already occurred.

The Regulations are administrative in nature, rather than regulatory. They are a machinery of government and do not substantially alter existing arrangements. Accordingly, a Regulation Impact Statement is not mandatory and was not prepared.

As the Regulations are a machinery of government and do not substantially alter existing arrangements consultation was not required.


ATTACHMENT

Details of the Income Tax Assessment Amendment Regulations 2009 (No. 1)

Regulation 1: Names the regulations as the Income Tax Assessment Amendment Regulations 2009 (No. 1).

Regulation 2: Provides that the Regulations commence on the day after registration.

Regulation 3: Provides that Schedule 1 amends the Income Tax Assessment Regulations 1997 (the Principal Regulations).

Schedule 1: Amendments

Item 1 updates the table under regulation 995-1.02 of the Principal Regulations.

Changes which have been approved by the Minister to regulation 995-1.02 are listed below.

On 25 June 2008 the Assistant Treasurer declared the Horwath Charitable Trust, Shane Warne Foundation and Pixifoto Foundation not to be prescribed private funds under subsection 995‑1(1) of the Act. This is reflected in the Regulations by these three items having the period of effect finishing on 25 June 2008.

The following list reflects those prescribed private funds which have been approved since the table was last amended.

 

Item Number

Name of Fund

Date of Approval

604

Easts Leagues Foundation

11-September-2007

605

Jolimont Foundation

11-September-2007

606

The Daniel And Danielle Besen Family Foundation

11-September-2007

607

Philip Coombs Children’s Foundation

1-October-2007

608

Ron And Margaret Dobell Foundation

1-October-2007

609

LSH Charitable Foundation

11-October-2007

610

Open Kora Fund

11-October-2007

611

The Backstop Foundation

11-October-2007

612

The Lauro Breen Trust

11-October-2007

613

The S.L. Bray Memorial Foundation

11-October-2007

614

Clem Jones Foundation

18-December-2007

615

Allandale Foundation

5-March-2008

616

Arnold Foundation

5-March-2008

617

Brian K Whately Foundation

5-March-2008

618

Cooper Foundation

5-March-2008

619

Face 2 Face Foundation

5-March-2008

620

Foundation for the Victor Smorgon Institute for Education and Research at Epworth

5-March-2008

621

Jean Bladen Foundation

5-March-2008

622

Mclean Foundation

5-March-2008

623

The Garry White Foundation

5-March-2008

624

The Helene Jones Trust

5-March-2008

625

The Lembas Foundation

5-March-2008

626

Anton and Kadar Lucas Foundation

12-June-2008

627

Catherine Gray Trust

12-June-2008

628

Compass Foundation

12-June-2008

629

Croxley Foundation

12-June-2008

630

D'Arcy Slater Foundation

12-June-2008

631

Donnelly Garner Foundation

12-June-2008

632

Doreen Kennedy Foundation

12-June-2008

633

Dumfries Foundation

12-June-2008

634

Freda Briggs Foundation

12-June-2008

635

Girgensohn Foundation

12-June-2008

636

Glen Rocky Foundation

12-June-2008

637

Grant Family Charitable Trust

12-June-2008

638

Gray Private Fund

12-June-2008

639

James & Diana Ramsay Foundation

12-June-2008

640

Kellogg Australia Charitable Foundation

12-June-2008

641

Leonardo's Education Assistance Foundation

12-June-2008

642

Lewis Foundation

12-June-2008

643

Peter & Maria Copulos Foundation

12-June-2008

644

Planet Wheeler Foundation

12-June-2008

645

Rees Family Foundation

12-June-2008

646

Say Family Foundation

12-June-2008

647

Sir Asher And Lady Joel Foundation

12-June-2008

648

Start It Up Foundation

12-June-2008

649

The Abercrombie Family Foundation

12-June-2008

650

The David and Wilma Keath Family Prescribed Private Fund

12-June-2008

651

The Ellen Louise Blakemore Charitable Fund

12-June-2008

652

The Imelda and Geok Wong Foundation

12-June-2008

653

The Lionel & Yvonne Spencer Trust

12-June-2008

654

The Lowy Foundation

12-June-2008

655

The Rossi Foundation

12-June-2008

656

The Van Straten & Turley Foundation

12-June-2008

657

Tom Efkarpidis Foundation

12-June-2008

658

Tony Fini Foundation

12-June-2008

659

Wright-Goodwin Family Foundation

12-June-2008

660

Acme Foundation

25-June-2008

661

Adservio Foundation

25-June-2008

662

Andrew Cameron Family Foundation

25-June-2008

663

Bailey Family Foundation

25-June-2008

664

Brasher Family Foundation

25-June-2008

665

Bryan & Rosemary Cutter Foundation

25-June-2008

666

Carlton Football Club Foundation

25-June-2008

667

Chronican Foundation

25-June-2008

668

Circle Of Silent Angels Foundation

25-June-2008

669

Duchen Family Foundation

25-June-2008

670

Earth Welfare Foundation

25-June-2008

671

Eden Life Foundation

25-June-2008

672

Edwards Foundation

25-June-2008

673

Ephram Foundation

25-June-2008

674

Family Frank Foundation

25-June-2008

675

Flight Centre Foundation Trust

25-June-2008

676

Gailey/Lazarus Charitable Foundation

25-June-2008

677

George Janko & Karen Inge Foundation

25-June-2008

678

Grantali Foundation

25-June-2008

679

Grosset Gaia Fund

25-June-2008

680

Handley Marks Family Foundation

25-June-2008

681

Herbert Street Foundation

25-June-2008

682

Howland-Rose Foundation

25-June-2008

683

IMC Pacific Foundation

25-June-2008

684

ISG Foundation

25-June-2008

685

Izaak Wolf & Genia Auschwitz 54365 Szykman Charitable Foundation

25-June-2008

686

Jaramas Foundation

25-June-2008

687

John and Barbara Hay Philanthropic Foundation

25-June-2008

688

Joy Smith Family Foundation

25-June-2008

689

Julian Zahara Memorial Fund

25-June-2008

690

Katz Family Foundation

25-June-2008

691

Kindred Spirits Foundation

25-June-2008

692

Lorenzo and Pamela Galli Charitable Trust

25-June-2008

693

Louise & Martyn Myer Foundation

25-June-2008

694

Lynda Gardens Foundation

25-June-2008

695

Maher Fisher Foundation

25-June-2008

696

Maramingo Foundation

25-June-2008

697

Margaret Dawbarn Foundation

25-June-2008

698

Martin & Merinda Gallagher Foundation

25-June-2008

699

More Life Foundation

25-June-2008

700

M.S. Newman Family Foundation

25-June-2008

701

Mulnot Foundation

25-June-2008

702

Mundango Abroad

25-June-2008

703

nib Foundation

25-June-2008

704

Ocean Beach Foundation

25-June-2008

705

Paul and Marie Duchen Foundation

25-June-2008

706

Paulusz Family Foundation

25-June-2008

707

Playoust Family Foundation

25-June-2008

708

Rainbow Fish Foundation

25-June-2008

709

Religious Education Endowment Fund

25-June-2008

710

Rita Hogan Foundation

25-June-2008

711

Sandi Foundation

25-June-2008

712

Saraf Charitable Fund

25-June-2008

713

SK and YY Cheung Family Foundation

25-June-2008

714

Stephanie’s Gift

25-June-2008

715

Sunraysia Foundation

25-June-2008

716

Sweetpea Peepee PPF

25-June-2008

717

The Barnes Foundation

25-June-2008

718

The Bass Family Foundation

25-June-2008

719

The Brian J Sutton Charitable Trust

25-June-2008

720

The Bridgewater Foundation

25-June-2008

721

The Bruce And Betty Green Foundation

25-June-2008

722

The CAGES Foundation

25-June-2008

723

The Caroline Durré Foundation

25-June-2008

724

The Cathar Charitable Trust

25-June-2008

725

The Coleman Foundation

25-June-2008

726

The Eden Foundation

25-June-2008

727

The First Eddystone Foundation

25-June-2008

728

The Formula Green Foundation

25-June-2008

729

The Hardie Foundation

25-June-2008

730

The Harrison Foundation

25-June-2008

731

The Herd Foundation

25-June-2008

732

The Justin Foundation

25-June-2008

733

The Karen and John Kightley Foundation

25-June-2008

734

The Killen Family Foundation

25-June-2008

735

The L’Esperance Foundation

25-June-2008

736

The P & S Bassat Family Charitable Foundation

25-June-2008

737

The Rodwell Foundation

25-June-2008

738

The Rosemary Pryor Foundation

25-June-2008

739

The Teakle Foundation

25-June-2008

740

The Vaux Family Education & Learning Foundation

25-June-2008

741

The Wales Family Foundation

25-June-2008

742

The Wilkinson Foundation

25-June-2008

743

Three Flips Foundation

25-June-2008

744

Tim Fairfax PPF

25-June-2008

745

TRP Foundation

25-June-2008

746

Tzedaka Foundation

25-June-2008

747

XENIA Foundation

25-June-2008

748

Yoga Aid Foundation

25-June-2008

749

Young Family Foundation

25-June-2008

750

Zeido Deitz Benevolent Fund

25-June-2008

751

Zig Inge Foundation

25-June-2008

752

Allsopp Family Foundation

30-June-2008

753

Bizzell Foundation

30-June-2008

754

David Merson Foundation

30-June-2008

755

Desmond Prentice Charitable Fund

30-June-2008

756

Dunstan Family Foundation

30-June-2008

757

Goldburg Family Foundation

30-June-2008

758

Gringlas Family Charitable Fund

30-June-2008

759

J. Holden Family Foundation

30-June-2008

760

MF Foundation

30-June-2008

761

PMF Foundation

30-June-2008

762

Salter Foundation

30-June-2008

763

SMEC Foundation Australia Fund

30-June-2008

764

The Burrabaroo Foundation

30-June-2008

765

The Casey Foundation

30-June-2008

766

The Frangipani Foundation

30-June-2008

767

The James Trust

30-June-2008

768

The Julie Anne Barrow Charitable Trust

30-June-2008

769

The Rosemary Norman Foundation

30-June-2008

770

The Wallwork Smith Foundation

30-June-2008

771

Wheen Family Foundation

30-June-2008

772

Yorke Family Foundation

30-June-2008

773

Munday Family Foundation

14-October-2008

774

Liangis Family Foundation

02-December-2008

775

The Bryan Foundation

02-December-2008

 

 

 

 

 


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