Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon. P.J. Keating MP.)FINANCIAL IMPACT
The changes to the taxation of financial securities will result in a small but unquantifiable gain to revenue.
The measures which extend the principal residence exemption should result in a negligible cost to revenue.
The cost to revenue of the amendments in respect of maintenance payments is estimated to be $100,000 per annum for 1988- 89 and subsequent years.
The revenue cost of increasing the level of the beneficiary rebate for single taxpayers is estimated at $200,000 in 1989-90.
The revenue cost of extending the income tax gift provisions to admit funds for the relief of persons affected by recent earthquakes in the Armenian Soviet Socialist Republic is estimated to be $500,000 in 1989/90. Admission of the Australian Ireland Fund will cost about $50,000 in a full financial year.
Other amendments proposed by the Bill will have negligible revenue impact.