Document ID: chunk:federal_register_of_legislation:F2024C01248:reg:21:p2
Version: federal_register_of_legislation:F2024C01248
Segment Type: reg
Provision Reference: reg 21 (pt 2/8)
Character Range: 215022–217899

Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2021.

1000‑1.02  This instrument generally applies to income years and financial years starting at or after the commencement time

        (1) Subject to this Part, this instrument applies in relation to income years and financial years starting at or after the commencement time.

        (2) Subject to this Part, despite the repeal of the old regulations by the repealing regulations, the old regulations continue to apply in relation to income years and financial years starting before the commencement time as if the repeal had not happened.

1000‑1.03  Valuations under Division 30 or 31
 (1) Division 30 applies in relation to a valuation sought from the Commissioner under section 30‑212 of the Act at or after the commencement time.
 (2) Division 31 applies in relation to a valuation sought from the Commissioner under section 31‑15 of the Act at or after the commencement time.
 (3) Despite the repeal of Divisions 30 and 31 of the old regulations by the repealing regulations, those Divisions continue to apply in relation to a valuation sought from the Commissioner under section 30‑212 or 31‑15 of the Act before the commencement time as if the repeal had not happened.

1000‑1.04  Complying superannuation fund condition—elections
 (1) An election made for the purposes of regulation 290‑155.01 of the old regulations that is not revoked before the commencement time has effect after the commencement time as if it had been made for the purposes of section 290‑155.01 of this instrument.
 (2) An election made for the purposes of regulation 290‑155.05 of the old regulations that is not revoked before the commencement time has effect after the commencement time as if it had been made for the purposes of section 290‑155.05 of this instrument.

1000‑1.05  Notional taxed contributions—allocation of contributions
  For the purposes of subsection 291‑170.03(2), an amount of assessable contributions received by a trustee before 1 July 2021 and allocated by the trustee to a member on or after 1 July 2021 in accordance with:
 (a) subregulations 292‑170.03(2) and (3) of the old regulations (as they continue to apply under subsection 1000‑1.02(2) of this instrument); and
 (b) regulation 7.11 of the SIS Regulations (as in force immediately before the commencement time);
is taken to have been allocated to the member in accordance with regulation 7.11 of the SIS Regulations.

1000‑1.06  Transfer balance debits and transfer balance credits
 (1) Section 1000‑1.02 does not apply in relation to Division 294 of the old regulations or Division 294 of this instrument.
 (2) The repeal of Division 294 of the old regulations by the repealing regulations does not affect a transfer balance credit or transfer balance debit that arises before the commencement time.
 (3) Section