On 2 March 2021, the Governor-General remade, with only minor amendments, the Income Tax Assessment Regulations 1997, which were due to sunset on 1 April 2021. The newly made Income Tax Assessment (1997 Act) Regulations 2021 (the Regulations) will come into effect on 1 April 2021, and are scheduled to sunset on 1 April 2031.
The Regulations support the operation of the income tax law, and include certain operational rules for calculating income tax liabilities for individuals, companies, trusts, partnerships and superannuation funds.
Consistent with the Government’s Regulation Impact Statement (RIS) requirements for sunsetting instruments, the Department of the Treasury has, after consultation with stakeholders, assessed the instrument as operating effectively and efficiently. Therefore, a RIS is not required for remaking this instrument.