House of Representatives

Taxation Laws Amendment Bill 1985

Taxation Laws Amendment Act 1985

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon. P.J. Keating, M.P.)

Financial impact

The potential revenue gain arising from the extension of the "expenditure recoupment" provisions of the income tax law to further schemes of the recoupment type is estimated at $25m.

Revenue from the introduction of income tax and Medicare levy on Christmas Island (estimated at $1m for 1985-86, $4.4m for 1986-87, $6.4m for 1987-88 and $6m for 1988-89) will be offset by the costs of other aspects of the Island integration package.

The other measures contained in this Bill are expected to have little direct effect on revenue, although the provision of further tax information to the Australian Statistician will give rise to some administrative costs (estimated at $0.4m in a full year) for the Australian Taxation Office and the Australian Bureau of Statistics. The beneficial effects on statistical reporting resulting from this measure are, however, expected to more than offset those administrative costs.

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