House of Representatives
New Business Tax System (Simplified Tax System) Bill 2000
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)Department of Agriculture, Fisheries and Forestry - Australian case study with information on quantity and type of equipment used for a typical broadacre mixed cropping and grazing property provided by a Parkes NSW farmer, and 1999 prices obtained from ABARE Farm Survey, 1999.
Note: Proposed Division 40 will modify the 'cost' of luxury cars to include only the amount of the vehicle's cost up to the specified luxury car limit. The exception is where a non-luxury car is modified to enable it to be used by a taxpayer with a disability. In such cases, the full cost of the vehicle may be claimed by the taxpayer.