New Business Tax System (Capital Allowances) Bill 1999

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)

The term 'entity' is defined in Subdivision 960-E of the ITAA 1997, and includes a partnership.

Treasurer's Press Release No. 58 of 21 September 1999 announced that, effective from 11.45am AEST, plant and equipment would be removed from the capital gains regime. New section 42-192, contained in Schedule 1 to this Bill, will ensure that the $1.4 million is included in JW Telco Ltd's assessable income.

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