Commonwealth Numbered Regulations - Explanatory Statements

[Index] [Search] [Download] [Related Items] [Help]

INCOME TAX REGULATIONS (AMENDMENT) 1994 NO. 95

STATUTORY RULES 1994 No. 95

ISSUED BY THE AUTHORITY OF THE ASSISTANT TREASURER

Income Tax Assessment Act 1936

Income Tax Regulations (Amendment)

These regulations amend the Income Tax Regulations by inserting new subregulation 12(1A).

Income Tax subregulation 12(1A) provides that, section 51AGB will not deny a deduction for car parking expenditure incurred by certain non-employees, including partners and trustees, who are entitled under a law of a State or Territory to park in a public car parking space which is reserved for parking by disabled persons. In order for the exemption to be available, the vehicle must display the appropriate identification (for example a sticker) which provides authorisation for the vehicle to be parked in public car parking space which is specifically reserved for use by a disabled person. The disabled person can either be the driver of the vehicle or a passenger.

Section 51AGB of the Assessment Act provides that a deduction is no longer generally available to certain non-employees, including partners and trustees, for expenditure relating to car parking.

This subregulation complements Income Tax subregulation 12(1) which exempts a disabled employee from the general effect of section 51AGA. This section provides that a deduction is generally not available to employees for expenditure relating to car parking.

The regulations will commence on 1 July 1994.