A New Tax System (Goods and Services Tax) Amendment Regulations 2000 (No. 1)

A New Tax System (Goods and Services Tax) Amendment Regulations 2000 (No. 1) Statutory Rules 2000 No. 49 I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the A New Tax System (Goods and Services Tax) Act 1999. Dated 12 April 2000 WILLIAM DEANE Governor-General By His Excellency’s Command PETER COSTELLO Treasurer A New Tax System (Goods and Services Tax) Amendment Regulations 2000 (No. 1) 1 Statutory Rules 2000 No. 49 2 made under the A New Tax System (Goods and Services Tax) Act 1999 Contents Page 1 Name of Regulations 2 Commencement 3 Amendment of A New Tax System (Goods and Services Tax) Regulations 1999 Schedule 1 Amendments Do not delete : Part placeholder Do not delete : Division placeholder 1 Name of Regulations These Regulations are the A New Tax System (Goods and Services Tax) Amendment Regulations 2000 (No. 1) . 2 Commencement These Regulations commence on gazettal. 3 Amendment of A New Tax System (Goods and Services Tax) Regulations 1999 Schedule 1 amends the A New Tax System (Goods and Services Tax) Regulations 1999 . Schedule 1 Amendments Do not delete : Schedule Part placeholder (regulation 3) [1] After Part 3-1 insert Part 4-1 Special rules mainly about particular ways entities are organised Division 48 GST groups Subdivision 48-A Approval of GST groups 48-10.01 Definitions for Subdivision In this Subdivision: family , in relation to a person, has the meaning given by section 272-95 of Schedule 2F to the Income Tax Assessment Act 1936 , as if the person were the test individual mentioned in that section. GST group includes a proposed GST group. 48-10.02 Membership requirements for partnerships (1) For the purposes of subparagraph 48-10 (1) (a) (ii) of the A ct, this regulation sets out requirements that must be satisfied for a partnership to be a member of a GST group. Note The partnership must also satisfy other membership requirements set out in section 48-10 of the Act. (2) The partnership must satisfy the requirements of subregulation (3) or (4). (3) The partnership satisfies the requirements of this subregulation if, for at least 1 company that is a member of the GST group: (a) the partnership has at least a 90% stake in the company (worked out in accordance with section 190-5 of the Act as if the partnership were a company); or (b) the membership of the company consists only of: (i) for a company with 1 member — a partner in the partnership or a family member of a partner; and (ii) for a company with more than 1 member — partners in the partnership, or family members of the partners, in a way that ensures that at least 2 partners are represented, either personally or by a family member. (4) The partnership satisfies the requirements of this subregulation if, for at least 1 trust that is a member of the GST group, the beneficiaries include partners in the partnership, or family members of the partners, in a way that ensures that at least 2 partners are represented: (a) either personally or by a family member; and (b) either directly, or indirectly through 1 or more interposed trusts. 48-10.03 Membership requirements for trusts (1) For the purposes of subparagraph 48-10 (1) (a) (ii) of the A ct, this regulation sets out requirements that must be satisfied for a trust to be a member of a GST group. Note The trust must also satisfy other membership requirements set out in section 48-10 of the Act. (2) The trustee: (a) must have at least a 90% stake in a company that is a member of the GST group (worked out in accordance with section 190-5 of the Act as if the trustee were a company); or (b) must not distribute any income or capital of the trust to a beneficiary that is not a permitted beneficiary (whether or not a distribution of that kind could be lawfully made). (3) Each of the following is a permitted beneficiary : (a) a company that is a member of the GST group; (b) a charitable institution, a trustee of a charitable fund, or a gift-deductible entity. (4) A member or members of a company that is a member of the GST group, and their family members, are also permitted beneficiaries if: (a) for a company with 1 member — the member, or a family member of the member, is a beneficiary of the trust (either directly, or indirectly through 1 or more interposed trusts); and (b) for a company with more than 1 member — the beneficiaries of the trust include members of the company, or family members of the members, in a way that ensures that at least 2 members of the company are represented: (i) either personally or by a family member; and (ii) either directly, or indirectly through 1 or more interposed trusts. (5) Partners in a partnership that is a member of the GST group, and their family members, are also permitted beneficiaries if the beneficiaries of the trust include partners, or family members of the partners, in a way that ensures that at least 2 partners are represented: (a) either personally or by a family member; and (b) either directly, or indirectly through 1 or more interposed trusts. [2] Dictionary, after definition of charge card insert company see the Dictionary in Part 6-3 of the Act. [3] Dictionary, after definition of financial supply provider insert gift-deductible entity see the Dictionary in Part 6-3 of the Act. [4] Dictionary, after definition of interest insert member , in relation to a GST group, see the Dictionary in Part 6 ‑ 3 of the Act. [5] Dictionary, after definition of money insert partnership see the Dictionary in Part 6-3 of the Act. Notes 1. These Regulations amend Statutory Rules 1999 No. 245. 2. Made by the Governor-General on 12 April 2000, and notified in the Commonwealth of Australia Gazette on 19 April 2000.