Commonwealth Numbered Regulations

1988 No. 262 INCOME TAX REGULATIONS (AMENDMENT) - REG 2

2. The Principal Regulations are amended by inserting after regulation 58C the
following regulation: Prescribed qualifications for the purposes of
subparagraph 251BC (1) (b) (ii) of the Act

"58CA. (1) For the purposes of subparagraph 251BC (1) (b) (ii) of the Act, the
following qualifications are prescribed:

   (a)  the person:

        (i)    shall have completed the academic requirements for the award of
               a degree, diploma or other qualification from an Australian
               university, college of advanced education or other tertiary
               institution of an equivalent standard, and have passed
               examinations in such subjects, under whatever name, which an
               appropriate authority of the university, college of advanced
               education or other tertiary institution certifies to the Board
               to represent a course of study in accountancy of not less than
               3 years' duration and in commercial law of not less than 18
               months' duration or shall possess such other qualifications as
               the Board regards as equivalent to those qualifications;

        (ii)   shall have:

                (A)  been engaged in relevant employment on a full-time basis
                     for not less than a total of 12 months in the preceding 5
                     years;

                (B)  otherwise been engaged in relevant employment to an
                     extent that the Board regards as equivalent to that
                     referred to in sub-subparagraph (A); or

                (C)  been engaged in such other employment and for such time
                     as the Board regards as equivalent to being engaged in
                     relevant employment as referred to in sub-subparagraph
                     (A); and

        (iii)  shall have, by written examination, successfully completed a
               course of study in Australian income tax law acceptable to the
               Board;

   (b)  the person:

        (i)    shall have completed the academic requirements for admission as
               a barrister or solicitor of the High Court or of the Supreme
               Court of a State or Territory;

        (ii)   shall have:

                (A)  been engaged in relevant employment on a full-time basis
                     for not less than a total of 12 months in the preceding 5
                     years;

                (B)  otherwise been engaged in relevant employment to an
                     extent that the Board regards as equivalent to that
                     referred to in sub-subparagraph (A); or

                (C)  been engaged in such other employment and for such time
                     as the Board regards as equivalent to being engaged in
                     relevant employment as referred to in sub-subparagraph
                     (A);

        (iii)  shall have, by written examination or examinations set by a
               college of technical and further education (or an examination
               or examinations of an equivalent or higher standard),
               successfully completed a course of study in basic accounting
               principles; and

        (iv)   shall have, by written examination, successfully completed a
               course of study in Australian income tax law acceptable to the
               Board;

   (c)  the person:

        (i)    shall have completed the academic requirements for the award of
               a diploma or certificate from a college of technical and
               further education following a course of study in accountancy of
               not less than 2 years' duration of full-time study or 4 years'
               duration of part-time study;

        (ii)   shall have:

                (A)  been engaged in relevant employment on a full-time basis
                     for not less than a total of 2 years in the preceding 5
                     years;

                (B)  otherwise been engaged in relevant employment to an
                     extent that the Board regards as equivalent to that
                     referred to in sub-subparagraph (A); or

                (C)  been engaged in such other employment and for such time
                     as the Board regards as equivalent to being engaged in
                     relevant employment as referred to in sub-subparagraph
                     (A); and

        (iii)  shall have, by written examination, successfully completed a
               course of study in Australian income tax law acceptable to the
               Board; or

   (d)  the person:

        (i)    shall have:

                (A)  been engaged in relevant employment on a full-time basis
                     for not less than a total of 8 years in the preceding 10
                     years;

                (B)  otherwise been engaged in relevant employment to an
                     extent that the Board regards as equivalent to that
                     referred to in sub-subparagraph (A); or

                (C)  been engaged in such other employment and for such time
                     as the Board regards as equivalent to being engaged in
                     relevant employment as referred to in sub-subparagraph
                     (A); and

        (ii)   shall:

                (A)  be a member of and entitled to vote at meetings of the
                     Australian Society of Accountants or the Institute of
                     Chartered Accountants in Australia; or

                (B)  have, by written examination or examinations set by a
                     college of technical and further education (or an
                     examination or examinations of an equivalent or higher
                     standard), successfully completed a course of study in
                     basic accounting principles and have, by written
                     examination, successfully completed a course of study in
                     Australian income tax law acceptable to the Board.

"(2) In this regulation 'relevant employment' means employment by a person or
a partnership or as a member of a partnership in the course of which there has
been substantial involvement in income tax matters including:

   (a)  the preparation or examination of a broad range of income tax returns;

   (b)  the preparation or examination of objections to assessments issued in
        respect of such returns; and

   (c)  the provision of advice in relation to income tax returns, assessments
        or objections.".