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INCOME TAX ASSESSMENT AMENDMENT REGULATIONS 2005 (NO. 4) (SLI NO 328 OF 2005)
Issued by authority of the Minister for Revenue
and Assistant Treasurer
Income Tax Assessment Act 1997
Income Tax Assessment Amendment Regulations 2005 (No. 4)
Subsection 909-1(1) of the Income Tax Assessment Act 1997 (the Act) provides that the Governor-General may make regulations prescribing matters that the Act requires or permits to be prescribed, or are necessary or convenient to prescribe for carrying out or giving effect to the Act.
Subsection 995-1(1) of the Act defines a ‘prescribed private fund’ as a fund that is prescribed by the regulations for the purposes of the definition, but does not include any fund that has been declared by the Treasurer, in writing, not to be a prescribed private fund.
A prescribed private fund is a fund listed in the table under regulation 995-1.02 of the Income Tax Assessment Regulations 1997 (the Principal Regulations) on and from the date specified in that table.
Each fund is established and maintained for the purpose of providing money, property or benefits to a fund, authority or institution that is listed either by name or by type in a table of recipients for deductible gifts in Subdivision 30B of the Act.
Item 2 in the table to section 30-15 provides that a gift made to a prescribed private fund is deductible where the fund is established and maintained under a will or instrument of trust solely for:
• the purpose of providing money, property or benefits to a fund, authority or institution gifts to which are deductible under item 1 of the table and for any purposes set out in the item of the table in Subdivision 30B that covers the fund, authority or institution; or
• the establishment of such a fund, authority or institution.
The Australian Tax Office assesses funds that wish to be prescribed as ‘prescribed private funds’ against certain guidelines and then asks the Minister for Revenue and Assistant Treasurer (the Minister) to approve them for prescription in the Principal Regulations. The Minister has approved the changes to the Principal Regulations described below.
The purpose of the amending Regulations is to replace the table under regulation 995‑1.02 to take account of changes approved by the Minister since 18 November 2004, when the Principal Regulations were last updated.
The amending Regulations include prescribed private funds which were listed prior to 18 November 2004, subject to the following amendments.
The regulations give effect to name changes of prescribed private funds, by listing them under their new names and prescribing a period of effect for the funds in regulation 995-1.02.
The regulations also prescribe 110 new funds for the purposes of the definition of ‘prescribed private fund’ in regulation 995-1.02. The funds are listed in the Attachment. Each of the funds listed is a prescribed private fund on and from the date of effect specified in the regulations.
The Act specifies no conditions that need to be met before the power to make the amending Regulations may be exercised.
The regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003.
The regulations commence on the day after registration. However, they provide for different dates of effect, namely the dates of approval by the Government.
While these dates are earlier than the date of gazettal of the Regulations, subsection 12(2) of the Legislative Instruments Act 2003 is not contravened. Subsection 12(2) prohibits the retrospective operation of regulations that adversely affect the rights of, or impose liabilities upon, a person. The regulations are beneficial to the institutions and funds concerned and to taxpayers making donations to them.
The regulations are administrative in nature, rather than regulatory, so are of a minor or machinery of government nature and do not substantially alter existing arrangements. Accordingly, a regulation impact statement is not mandatory and has not been prepared.
Consultation was not undertaken in relation to this instrument because it is minor or machinery of government in nature and does not substantially change the law.
ATTACHMENT
Income Tax Assessment Amendment Regulations 2005 (No. 4)
Regulation 1 — Names the regulations as the Income Tax Assessment Amendment Regulations 2005 (No. 4).
Regulation 2 — Provides that the regulations commence on the day after registration.
Regulation 3 — Provides that Schedule 1 amends the Income Tax Assessment Regulations 1997.
Schedule 1 — Amendments
Item 1 substitutes the previous table under regulation 995-1.02 of the Act with an amended version.
Changes which have been approved by the Minister to regulation 995-1.02 of the Act, which are reflected in item 1 of the Schedule of amendments, are listed below.
The prescribed private fund listed as item 64 of regulation 995-1.02 formally changed its approved name from Leeuwin Estate Foundation to Leeuwin Estate Charitable Foundation and reappears as item 229 of regulation 995-1.02, with effect from 17 November 2004.
The prescribed private fund listed as item 142 of regulation 995-1.02 formally changed its approved name from The Sid Myer Family Foundation to The Sid and Fiona Myer Family Foundation and reappears as item 238 of regulation 995-1.02, with effect from 27 January 2005.
The prescribed private fund listed as item 4 of regulation 995-1.02 formally changed its approved name from Brencorp Foundation to Scanlon Foundation and reappears as item 250 of regulation 995-1.02, with effect from 22 April 2005.
On 15 August 2005 the Parliamentary Secretary to the Treasurer, declared the Collection House Foundation, item 40 of regulation 995-1.02 of the Act, not to be a prescribed private fund under regulation 995‑1(1) of the Act. This has been reflected by the Collection House Foundation having the period of effect, on the list of prescribed private funds contained in item 1 of the schedule of amendments, finishing on 15 August 2005.
The following list reflects those prescribed private funds which have been added to the table under regulation 995-1.02 since the table was last amended on 18 November 2004.
|
230 |
Aboriginal Benefits Foundation |
20 December 2004 |
|
231 |
Clubs Smile for a Child Foundation |
20 December 2004 |
|
232 |
Shaddock Foundation |
20 December 2004 |
|
233 |
The Jordan Family Charitable Trust |
20 December 2004 |
|
234 |
The Trawalla Foundation |
20 December 2004 |
|
235 |
Spinifex Trust |
20 December 2004 |
|
236 |
The Corio Foundation |
20 December 2004 |
|
237 |
The Morgan & Banks Foundation |
20 December 2004 |
|
239 |
AirRoad Foundation |
4 February 2005 |
|
240 |
Tattersall’s George Adams Foundation |
4 February 2005 |
|
241 |
The Gourlay Charitable Trust |
12 April 2005 |
|
242 |
The Carnegie Foundation |
12 April 2005 |
|
243 |
The Lindsay & Heather Payne Medical Research Charitable Foundation |
12 April 2005 |
|
244 |
The API Trust Fund |
12 April 2005 |
|
245 |
Isador and Rebecca Magid Foundation |
12 April 2005 |
|
246 |
The Restoration Foundation |
12 April 2005 |
|
247 |
The Lochtenberg Foundation |
12 April 2005 |
|
248 |
The Rix Foundation |
12 April 2005 |
|
249 |
The Pace Foundation |
12 April 2005 |
|
251 |
Barr Family Foundation |
10 June 2005 |
|
252 |
Ferris Family Foundation |
10 June 2005 |
|
253 |
Gordon Brothers Charitable Foundation |
10 June 2005 |
|
254 |
The George and Janet Parker Memorial Trust |
10 June 2005 |
|
255 |
Willowtree Foundation |
10 June 2005 |
|
256 |
Adam Scott Foundation |
10 June 2005 |
|
257 |
Aon Charitable Foundation |
10 June 2005 |
|
258 |
Harry Triguboff Foundation |
10 June 2005 |
|
259 |
Just Enough Faith Foundation |
10 June 2005 |
|
260 |
Michael Craft Memorial Fund |
10 June 2005 |
|
261 |
O’Donohue Family Foundation |
10 June 2005 |
|
262 |
Shirley Greathead Foundation |
10 June 2005 |
|
263 |
William McIlrath Charitable Foundation |
10 June 2005 |
|
264 |
Woollahra Colleagues Rugby Union Football Club Foundation |
10 June 2005 |
|
265 |
ABD Foundation |
10 June 2005 |
|
266 |
Australand Foundation |
10 June 2005 |
|
267 |
Bendat Family Foundation |
10 June 2005 |
|
268 |
Gaunt Family Foundation |
10 June 2005 |
|
269 |
Indigo Community Aid Foundation |
10 June 2005 |
|
270 |
Limb Family Foundation |
10 June 2005 |
|
271 |
Prescott Family Foundation |
10 June 2005 |
|
272 |
Seidler Architectural Foundation |
10 June 2005 |
|
273 |
SG Foundation |
10 June 2005 |
|
274 |
Sisyphus Foundation |
10 June 2005 |
|
275 |
Skar Foundation |
10 June 2005 |
|
276 |
Telstra Foundation Community Development Fund |
10 June 2005 |
|
277 |
The Beeren Foundation |
10 June 2005 |
|
278 |
The Byrnes Foundation |
10 June 2005 |
|
279 |
The Kirk Foundation |
10 June 2005 |
|
280 |
The Lightfoot Foundation |
10 June 2005 |
|
281 |
The Nelson Foundation |
10 June 2005 |
|
282 |
The Sunjoto Foundation — The Spirit of Giving |
10 June 2005 |
|
283 |
The Wood Foundation |
10 June 2005 |
|
284 |
Cochrane-Schofield Charitable Fund |
10 June 2005 |
|
285 |
Gilmour Foundation |
10 June 2005 |
|
286 |
Henry Pollack Foundation |
10 June 2005 |
|
287 |
Jack & Ethel Goldin Foundation |
10 June 2005 |
|
288 |
Kazacos Foundation |
10 June 2005 |
|
289 |
Kopke Family Foundation |
10 June 2005 |
|
290 |
Lew Foundation |
10 June 2005 |
|
291 |
Michael & Dellarose Baevski Foundation |
10 June 2005 |
|
292 |
The Bluesand Foundation |
10 June 2005 |
|
293 |
The Deloitte Foundation |
10 June 2005 |
|
294 |
The Penn Foundation |
10 June 2005 |
|
295 |
ERM Foundation |
23 June 2005 |
|
296 |
Hart Charitable Trust |
23 June 2005 |
|
297 |
Laver Family Foundation |
23 June 2005 |
|
298 |
Lee Liberman Charitable Foundation |
23 June 2005 |
|
299 |
Matsarol Foundation |
23 June 2005 |
|
300 |
The Cubit Family Foundation |
23 June 2005 |
|
301 |
The Margaret Miller Foundation |
23 June 2005 |
|
302 |
The Zimmerman Family Foundation |
23 June 2005 |
|
303 |
Alter Family Foundation |
23 June 2005 |
|
304 |
George Jones Family Foundation |
23 June 2005 |
|
305 |
Ivany Foundation |
23 June 2005 |
|
306 |
The Blackley Foundation |
23 June 2005 |
|
307 |
The Waterham Family Foundation |
23 June 2005 |
|
308 |
Bennetts Family Foundation |
23 June 2005 |
|
309 |
Burton Taylor PPF Foundation |
23 June 2005 |
|
310 |
Fielding Foundation |
23 June 2005 |
|
311 |
Franz Loibner Foundation |
23 June 2005 |
|
312 |
Hunt Foundation |
23 June 2005 |
|
313 |
Kahn Friedlander Family Foundation |
23 June 2005 |
|
314 |
The Freedman Foundation |
23 June 2005 |
|
315 |
The Ian Watson Foundation |
23 June 2005 |
|
316 |
Wood Family Foundation |
23 June 2005 |
|
317 |
The Hunter 5 Foundation |
23 June 2005 |
|
318 |
The Mavis & Bill Jennings Foundation |
23 June 2005 |
|
319 |
The Steed Family Foundation |
23 June 2005 |
|
320 |
R P Medical Fund |
23 June 2005 |
|
321 |
The Annemarie & Arturo Gandioli Fumagalli Foundation |
23 June 2005 |
|
322 |
Turnbull Foundation |
23 June 2005 |
|
323 |
Simpson Family Foundation |
30 June 2005 |
|
324 |
Sherry-Hogan Foundation |
30 June 2005 |
|
325 |
Macquarie Goodman Foundation |
2 December 2005 |
|
326 |
Money Managers Charitable Trust |
2 December 2005 |
|
327 |
The Chestnut Tree Foundation |
2 December 2005 |
|
328 |
The Katharina Elizabeth Foundation |
2 December 2005 |
|
329 |
The Paul Griffin Charitable Trust |
2 December 2005 |
|
330 |
The Winter-Pauwels Foundation |
2 December 2005 |
|
331 |
The Heartfelt Foundation |
2 December 2005 |
|
332 |
The Regal Foundation |
2 December 2005 |
|
333 |
Zunahme Prosperity Fund |
2 December 2005 |
|
334 |
Luca and Anita Belgiorno-Nettis Foundation |
2 December 2005 |
|
335 |
The Wandin Heritage Foundation |
2 December 2005 |
|
336 |
Youth Enterprise Trust Foundation |
2 December 2005 |
|
337 |
The Cruthers Art Foundation |
2 December 2005 |
|
338 |
The Tall Foundation |
2 December 2005 |
|
339 |
The V V Marshman Charitable Trust |
2 December 2005 |
|
340 |
Sachdev Foundation |
2 December 2005 |
|
341 |
The Grenda Foundation |
2 December 2005 |