Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon. Frank Crean, M.P.)
In this memorandum explanations are given of a number of proposed amendments to the Income Tax Assessment Act (the Principal Act). The amendments are designed to counter "tax haven" resort to Norfolk Island on a fairly large scale and to Papua New Guinea to a limited extent. The amendments proposed for Norfolk Island will also apply to Cocos (Keeling) Islands and Christmas Island.
The main features of the proposals contained in the amending Bill are -