Commonwealth Numbered Regulations

CHILD SUPPORT (ASSESSMENT) AMENDMENT REGULATIONS 2002 (NO. 1) 2002 NO. 340 - SCHEDULE 1

(regulation 3)

[1] Before subregulation 7 (1)

insert

Generally

[2] After subregulation 7 (1)

insert

Taxpayers investing in mass marketed schemes

(1A)

The following circumstance is prescribed for the purposes of subsection 56 (3) of the Act:

(a)

the Commissioner has written to a person (the taxpayer ):

(i)

concerning an announcement by the Commissioner, on 14 February 2002, allowing taxpayers who were investors in schemes identified by the Commissioner as mass marketed tax effective schemes a deduction for certain actual cash outlays; and

(ii)

proposing to amend the assessment of the taxpayer to the effect that the taxable income of the taxpayer for a particular year of income is reduced, taking into account such a cash outlay; and

(b)

the taxpayer has responded, accepting the Commissioner's proposal; and

(c)

the Commissioner has subsequently amended the assessment of the taxpayer, effecting a reduction in the taxable income of the taxpayer for the year of income in accordance with the Commissioner's proposal.

[3] Subregulation 7 (2)

omit

subregulation (1).

insert

subregulation (1) or (1A).