Commonwealth Numbered Regulations Commonwealth Numbered Regulations(1) For the purposes of subsection 90- 5(2) of the Act, the following services are specified:
(a) a service provided by an auditor of a self managed superannuation fund under the Superannuation Industry (Supervision) Act 1993 ;
(b) a service provided by an entity to a related entity;
(c) a service provided by a related entity of an entity (the first entity ) to another related entity of the first entity;
(d) a service provided by a trustee of a trust (or a related entity of the trustee) to the trust, or a member of the trust, in relation to the trust;
(e) a service provided by a trustee of a trust (or a related entity of the trustee) to a wholly owned or controlled entity of the trust in relation to the entity;
(f) a service provided by a responsible entity (within the meaning of the Corporations Act 2001 ) of a managed investment scheme (within the meaning of that Act) (or a related entity of the responsible entity, the manager of the managed investment scheme or the operator of the managed investment scheme) to the scheme, or a member of the scheme, in relation to the scheme;
(g) a service provided by an operator (within the meaning of the Corporations Act 2001 ) of a notified foreign passport fund (within the meaning of that Act) or a related entity of the operator to the fund, or a member of the fund, in relation to the fund;
(h) a service provided by a partner in a partnership (or a related entity of the partner) to another partner of the partnership in relation to the partnership;
(i) a service provided by a member of a joint venture (or a related entity of the member) to another member of the joint venture or an entity established to pursue the joint venture:
(i) in accordance with a written agreement; and
(ii) in relation to the joint venture;
(j) a service that is a custodial or depository service (within the meaning of the Corporations Act 2001 ) provided by a financial services licensee (within the meaning of that Act) or an authorised representative (within the meaning of section 761A of that Act) of the licensee;
(k) a service provided by an entity (the first entity ) to an entity previously owned by the first entity (the second entity ) in relation to the second entity's obligations under a taxation law for the income year in which it was sold by the first entity;
(l) a service that is required, by a law of the Commonwealth or of a State or Territory, to be provided only by an actuary (within the meaning of the Income Tax Assessment Act 1997 );
(m) a service provided by an actuary (within the meaning of the Income Tax Assessment Act 1997 ) in relation to either or both of the following:
(i) a defined benefit superannuation scheme (within the meaning of the Superannuation Guarantee (Administration) Act 1992 );
(ii) an allocation from a reserve in a superannuation scheme (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ) other than a defined benefit superannuation scheme (within the meaning of that Act);
(n) subject to subsection (2), a tax (financial) advice service provided between 1 January and 31 December 2022 by an entity that:
(i) immediately before 1 January 2022, was a registered tax (financial) adviser (within the meaning of the Act as in force at that time); and
(ii) is not a relevant provider (within the meaning of section 910A of the Corporations Act 2001 ).
(2) Paragraph (1)(n) does not cover a service provided by an entity if:
(a) on or after 1 January 2022, the entity applies, under section 20- 20 of the Act, for registration as a tax agent; and
(b) the service is provided:
(i) if the Board grants the application--after the registration commences; or
(ii) if the Board rejects the application--after the Board notifies the entity of its decision.
(3) In this section:
Note: The terms under common ownership , stapled entity and taxation law have the same meaning as in the Income Tax Assessment Act 1997 (see subsection 90-1(2) of the Tax Agent Services Act 2009 ).
"related entity " , in relation to an entity, means:
(a) an associated entity (within the meaning of the Corporations Act 2001 ) of the entity; or
(b) an entity under common ownership with the entity; or
(c) a stapled entity of the entity or an associated entity of the stapled entity; or
(d) an entity connected with the entity (within the meaning of section 328- 125 of the Income Tax Assessment Act 1997 , applied as if references in that section to a control percentage of 40% were references to a control percentage of 50%).