EXPLANATORY STATEMENT

Select Legislative Instrument 2007 No. 327

 

Issued by the authority of the Parliamentary Secretary to the Treasurer

 

Income Tax Assessment Act 1936

Income Tax Amendment Regulations 2007 (No. 3)

Subsection 266(1) of the Income Tax Assessment Act 1936 (the Act) provides that the Governor-General may make regulations, not inconsistent with the Act or the Income Tax Assessment Act 1997 (the 1997 Act), prescribing all matters which by the Act or the 1997 Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed for giving effect to the Act or the 1997 Act.

The purpose of the amendments to the Regulations is to provide clarity to the law by updating the reference to the Stock Exchange of Newcastle Limited in the Income Tax Regulations 1936 to reflect its recent change of name.

In 2006 the Stock Exchange of Newcastle Limited changed its name to the National Stock Exchange Limited. On 18 December 2006 the Parliamentary Secretary to the Treasurer issued an Australian market licence variation notice to reflect this change.

These Regulations replaced the reference to the ‘Stock Exchange of Newcastle Limited’ with the ‘National Stock Exchange Limited’.

The Regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003. The Regulations commenced on the day after they were registered on the Federal Register of Legislative Instruments.