Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello MP)
Chapter 8 - Technical amendments
8.1 Schedule 8 to this Bill will make minor technical amendments to the Income Tax Assessment Act 1997 (ITAA 1997) to ensure that notes about excess tax offsets are included in the most appropriate provisions.
8.2 The purpose of the amendments is to improve the signposting in the ITAA 1997 to direct readers to the relevant provisions of the income tax law that deal with the treatment of excess tax offsets.
8.3 The amendments in Schedule 8 to this Bill will apply from the date of Royal Assent of the Bill [subclause 2(1)] .
8.4 Items 1 and 3 of Schedule 8 improve the signposting in section 4-10 of the Act by consolidating two existing notes in subsections 4-10(3) and (3A) into one note in subsection 4-10(3A) that directs readers to Division 65 of the ITAA 1997 and section 160AFE of the Income Tax Assessment Act 1936 . The new note more effectively directs readers to relevant provisions of the income tax law that deal with the treatment of excess tax offsets.
8.5 Items 2 and 4 of Schedule 8 will amend the ITAA 1997 by inserting appropriate headings before subsections 4-10(3A) and 4-10(4).