View full documentView full document Previous section | Next section
House of Representatives

Income Tax and Social Services Contribution Assessment Bill (NO. 3) 1956

Income Tax and Social Services Contribution Assessment Act (No. 3) 1956

Explanatory Notes

(Circulated by the Treasurer, the Rt. Hon. Sir Arthur Fadden.)

INTRODUCTORY NOTE

The main features of the Bill are -

(1)
Exemption of income of hospital and medical benefits funds registered under the National Health Act 1953-1955 (Clause 4(a));
(2)
Discontinuance of the exemption of pay and allowances of members of the Defence Force allotted for duty in the Malayan area (Clause 5);
(3)
Provision of an alternative basis of depreciation adjustment in relation to insurance and other recoveries on assets lost or destroyed (Clause 7);
(4)
Provision for deduction of capital expenditure incurred in relation to patent rights, registered designs and copyrights (Clauses 9 and 20);
(5)
Allowance of deductions of gifts to certain authorities and institutions in Australia (Clause 11);
(6)
Increases in the special deductions for residents of isolated areas and for members of the Defence Force serving at certain overseas localities (Clauses 12 and 13);
(7)
Increase in the maximum deductible amount of life insurance premiums, etc. (Clause 15);
(8)
Increase in the maximum deductible amount of education expenses of children (Clause 17);
(9)
Provision for deduction of capital expenditure incurred in timber operations (Clause 20).


View full documentView full documentBack to top