Explanatory Memorandum PART A
(Circulated by authority of the Treasurer, the Hon P.J. Keating, M.P.)FINANCIAL IMPACT
Taxation Laws Amendment Bill (No. 3) 1985
The estimated revenue cost of providing that undeducted exploration and development expenditure may be treated as transferable carry-forward losses is $70m in 1986-87 and $65m in 1987-88.
The withdrawal of the rebate for share capital subscribed to petroleum exploration, prospecting or mining companies and of the deduction for calls on afforestation company shares will result in an estimated revenue saving of $10m in 1986-87 and $15m in 1987-88.
The measures to bring "owner-builders" within the scope of the prescribed payments system will lead to a revenue gain of $16m in 1986-87 and $4m in 1987-88.
The estimated net revenue saving from the reduction in the concessions for investments in Australian films is $35m in 1986-87 and subsequent years.
The estimated cost of providing the additional live stock valuation option for horse breeders is nil for 1985-86. The nature of the provision is such that a reliable estimate of the cost of this measure for future years cannot be determined.
The potential saving to the revenue arising from taxing Tertiary Education Assistance benefits and Adult Secondary Education Assistance payments is estimated to be nil in 1985-86, $4m in 1986-87, $23m in 1987-88 and $25m in 1988-89.
The measure permitting greater use of taxation information provided to a Royal Commission should have no effect on revenue.
The revenue gain from treating, for ACT stamp duty purposes, transfers of units in unit trusts as marketable security transfers is estimated at $0.05m in a full year.
The comprehensive taxation agreement and protocol with Finland is expected to have a negligible impact on the revenue.
Australian Capital Territory Stamp Duty Amendment Bill 1985
The proposed imposition of ACT stamp duty on loan securities is estimated to yield a revenue gain of $1.5m in a full year.
The estimated revenue gain from increasing the rates of stamp duty on real property conveyances is $1.5m in a full year.
Bank Account Debits Tax Amendment Bill 1985
The revenue gain from doubling the rates of bank account debits tax in the ACT is estimated at $4m in a full year.