Document ID: chunk:federal_register_of_legislation:F2024L00550:reg:7:p1
Version: federal_register_of_legislation:F2024L00550
Segment Type: reg
Provision Reference: reg 7 (pt 1/3)
Character Range: 18367–21004

7  Exceptions to the requirement to lodge an income tax return
 (1) A person is not required to lodge an income tax return under subsection 6(2) to 6(10) for the 2024 year under this instrument if they are:
 (a) an Australian resident non-profit company whose taxable income for the 2024 year was $416 or less;
 (b) an entity whose income is exempt from income tax under Division 50 of the ITAA 1997;
 (c) a State or Territory body, the income of which is exempt from income tax under the provisions of Division 1AB of Part III of the ITAA 1936;
 (d) a person that for the whole of the 2024 year was a subsidiary member of a:
 (i) consolidated group (as defined in Division 703 of the ITAA 1997); or
 (ii) MEC group (as defined in Division 719 of the ITAA 1997);
 (e) a trustee of a resident trust estate of a deceased person, where each of the following apply:
 (i) the deceased person died less than 3 years before the end of the 2024 year;
 (ii) no beneficiary is presently entitled to a share of the income of the trust estate;
 (iii) the net income of the trust estate under section 95 of the ITAA 1936 is less than $18,201; and
 (iv) there are no non-resident beneficiaries of the trust estate; or
 (f) a person who during the 2024 year derived assessable income from sources in Australia as a working holiday maker (within the meaning of subsection 3A(1) of the Income Tax Rates Act 1986), and:
 (i) had no other assessable income; and
 (ii) whose taxable income (excluding any superannuation remainder or employment termination remainder) was less than $45,001.
 (2) A person covered by paragraph 6(2)(i) or subsection 6(3) or 6(6) is not required to lodge an income tax return for the 2024 year under this instrument if:
 (a) their assessable income during the 2024 year included one or more of the following:
 (i) jobseeker payment under the SSA;
 (ii) austudy payment under the SSA;
 (iii) disaster income support allowance for special category visa (subclass 444) holders;
 (iv) Disaster Recovery Allowance under the SSA;
 (v) farm household allowance under the Farm Household Support Act 2014;
 (vi) a payment under a self-employment program including the New Enterprise Incentive Scheme and the Self-Employment Assistance program;
 (vii) parenting payment (benefit PP (partnered)) under the SSA;
 (viii) a payment to a person 16 years or older made under the ABSTUDY scheme (including the ABSTUDY Masters and Doctorate Award);
 (ix) a payment to a person 16 years or older made under the Military Rehabilitation and Compensation Act Education and Training Scheme;
 (x) a payment to a person 16 years or older made under the