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29 May 12 New seniors and pensioners tax offset (SAPTO) regs

Income Tax Amendment Regulation 2012 (No 1) was made on 24 May 2012 and registered on the Federal Register of Legislative Instruments on 28 May 2011 as Select Legislative Instrument 2012 No 91.

This regulation amends the Income Tax Regulations 1936 to reflect the merger of the pensioner tax offset (PTO) and the senior Australians tax offset (SATO) into the new seniors and pensioners tax offset (SAPTO) to amend the way in which the offset amount for the beneficiary tax offset (BTO) is calculated and amend the way in which the amount of SAPTO that can be transferred between one eligible member of a couple and another is determined.

Taxation Administration Amendment Regulation 2012 (No 2) was made on 24 May 2012 and registered on the Federal Register of Legislative Instruments on 28 May 2011 as Select Legislative Instrument 2012 No 92.

This regulation amends the Taxation Administration Regulations 1976 to change the amount of low income tax offset (LITO) that the Commissioner of Taxation can take into account in determining schedules at which income tax is withheld and to take account of the merger of the senior Australians tax offset (SATO) and the pensioner tax offset (PTO) into the new seniors and pensioners tax offset (SAPTO).

For a copy of the Explanatory Statements, click on the Explanatory Statement tab.

 


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