Commonwealth Numbered Regulations

1984 No. 172 INCOME TAX REGULATIONS (AMENDMENT) - REG 3

3. After regulation 33 of the Income Tax Regulations the following regulation
is inserted in Part IV: Eligible termination payments-roll-over

"33A. (1) In this regulation-
'concessional component' has the same meaning as in sub-section 27A (1) of the
Act;
'eligible termination payment' has the same meaning as in sub-section 27A (1)
of the Act;
'post 30 June 1983 component', in relation to an eligible termination payment,
means so much (if any) of that payment as is equal to the relevant amount
referred to in sub-section 27B (1) of the Act in relation to that eligible
termination payment;
'pre 1 July 1983 component', in relation to an eligible termination payment,
means so much (if any) of that payment as is equal to the amount represented
by the component X in the formula in paragraph 27C (1) (c) of the Act in
relation to that eligible termination payment;
'roll-over payment', in relation to an eligible termination payment, means the
payment of an amount in the manner described in sub-section 27A (12) of the
Act;
'undeducted contributions' has the same meaning as in sub-section 27A (1) of
the Act.



"(2) At or before the time of the making of a roll-over payment in relation to
which a taxpayer wishes that an eligible termination payment be taken, in
accordance with an election to be made under section 27D of the Act, to have
been expended in making the roll-over payment, the taxpayer shall make
application in that behalf to the person administering the fund to which, or
the person to whom, it is proposed that the roll-over payment be made.

"(3) An application under sub-regulation (2) shall-

   (a)  be made in writing, in triplicate, on a form approved by the
        Commissioner for the purpose;

   (b)  specify, in relation to the roll-over payment, so much of each of the
        following parts (if any) of the eligible termination payment as the
        taxpayer wishes to be taken, in accordance with the proposed election,
        to have been expended in making the roll-over payment, that is to say:

        (i)    the concessional component;

        (ii)   the pre 1 July 1983 component;

        (iii)  the post 30 June 1983 component; and

        (iv)   where the eligible termination payment is of a kind referred to
               in paragraph (b) or (c) of the definition of 'eligible
               termination payment' in sub-section 27A (1) of the Act, the
               undeducted contributions; and

   (c)  be signed by the taxpayer and dated on the day on which it is made.



"(4) Where-

   (a)  an application has been made in accordance with sub-regulation (2);
        and

   (b)  the roll-over payment to which the application relates has been made
        to the fund or person specified in the application, the person to whom
        the application was made shall-

   (c)  on the form referred to in sub-regulation (3), make, in triplicate, a
        declaration to the effect that that payment has been so made;

   (d)  sign the declaration and date it on the day on which it is made; and

   (e)  cause the original and a copy of the form on which the application and
        the declaration have been made to be given to the taxpayer not later
        than 14 days after the roll-over payment is made.



"(5) For the purposes of paragraph 27D (3) (b) of the Act-

   (a)  the prescribed time within which an election under sub-section 27D (1)
        of the Act is to be lodged by a taxpayer with the Commissioner is-

        (i)    the time within which the return, or the first return, required
               by or under the Act to be furnished by that taxpayer to the
               Commissioner in respect of the year of income in which the
               eligible termination payment to which the election relates was
               made is so required to be furnished; or

        (ii)   where no such return is required to be furnished, within 4
               months of the end of that year of income or within such further
               period as the Commissioner allows; and

   (b)  the prescribed manner in which such an election is to be lodged with
        the Commissioner is lodgment, together with-

        (i)    the originals of all forms given to the taxpayer in accordance
               with paragraph (4) (e) in respect of roll-over payments in
               relation to the eligible termination payment to which the
               election relates; and

        (ii)   the original of the form delivered to the taxpayer in
               accordance with paragraph 54DAQ (3) (b) in respect of that
               eligible termination payment,
with-

        (iii)  the return referred to in sub-paragraph (a) (i); or

        (iv)   a statement in writing, signed by or on behalf of the taxpayer,
               setting out the grounds on which the taxpayer claims not to be
               required to furnish such a return,
as the case requires.".