Commonwealth Numbered Regulations - Explanatory Statements

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SALES TAX REGULATIONS (AMENDMENT) 1992 NO. 362

STATUTORY RULES 1992 No. 362

ISSUED BY THE AUTHORITY OF THE TREASURER

Sales Tax Assessment Acts (Nos. 1-9) 1930

Sales Tax Assessment Acts (Nos. 10 and 11) 1985

Sales Tax Regulations (Amendment)

These regulations are made under section 73 of the Sales Tax Assessment Act (No. 1) 1930 (the Act).

The new sales tax law will come into effect on 28 October 1992 but will not commence to impose tax on any assessable dealing until 1 January 1993. The old sales tax law will not apply to transactions, acts or operations that occur from 1 January 1993. However, the old law will continue in force because of its overlap with the new law in relation to leases, claims for refunds of tax, prosecutions and other dealings that occurred before the first taxing day of the new law.

Because the old law is not being repealed, the regulations relating to this law will also remain. These regulations will change the existing citations by adding the words 'old law' to their title.

Commencement

Regulation 1 provides that these regulations will commence on 1 January 1993.

Amendment

Regulation 2 provides that the Sales Tax Regulations are amended as set out in these regulations.

Regulation 3 (Citation)

Subregulation 3.1 inserts the words "(Old Law)" after the word "Tax" in the Regulations.