Income Tax Act 2007 section 1002

Regulations about the meaning of "offshore installation"

Section 1002 gives the Treasury the power to make regulations that define or modify the meaning of "offshore installation" for the purposes of the Income Tax Acts.

• The Treasury may make regulations defining what constitutes an "offshore installation" for income tax purposes.
• These regulations can add to, amend, or repeal any provision within section 1001, which sets out the current statutory meaning of "offshore installation".
• Different provisions may be made for different purposes, allowing flexibility in how the definition applies across varying contexts.
• The regulations may include incidental, supplemental, consequential, and transitional provisions, as well as savings to preserve existing rights or arrangements.