Senate

Taxation Laws Amendment Bill (No. 6) 2001

Revised Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
This Memorandum takes account of amndments made by the House of Representatives to the bill as introduced


Different rules apply depending on whether expenditure is incurred pre- or post-1990.


PRRT applies to all production in Commonwealth waters except for the North West Shelf project and its associated exploration and production areas.


Different rules apply depending on whether expenditure is incurred pre- or post-1990.


The exact compliance costs for investors cannot be reliably quantified as investors will use a variety of means to familiarise themselves with the concession and to complete their income tax returns.


As each LIC may have different systems in place for accounting and record keeping purposes, a reliable quantification of the compliance costs cannot be obtained.


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