SENATE
New Business Tax System (Simplified Tax System) Bill 2000
Revised Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP) THIS MEMORANDUM TAKES ACCOUNT OF AMENDMENTS MADE BY THE HOUSE OF REPRESENTATIVES TO THE BILL AS INTRODUCED1. 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.
2. 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.
3. Based on data obtained from ABS publication Small Business in Australia (1999), adjusted for turnover level from ATO data.