The existing Income Tax Assessment Regulations 1997 (the 1997 Regulations) are scheduled to sunset on 1 April 2021. The 1997 Regulations include certain operational rules for income tax calculations and liabilities for individuals, companies, trusts, partnerships and superannuation funds. They are necessary to support the operation of the Income Tax Assessment Act 1997.
The draft Income Tax Assessment Regulations 2020 remake and improve the operation of the 1997 Regulations by omitting redundant provisions, simplifying language and restructuring provisions for ease of navigation. These changes do not affect the substantive meaning or operation of the provisions except in limited cases that are specifically identified in the draft explanatory material.
Further details on the draft regulations are contained in the explanatory material.