Taxation Laws Amendment Bill (No. 2) 1995

Supplementary Explanatory Memorandum

(Circulated by authority of the Treasurer,the Hon Ralph Willis, MP)

Chapter 4 - Amendments 13 to 16 - Late lodgment penalty

Overview and explanation of the amendments

4.1 Amendment 13 to 16 apply to Schedule 8 of the Bill.

4.2 Amendment 13 inserts new item 1A which will enable individual taxpayers to claim a deduction for payments of the interest penalty that is being imposed under the new subsection 163C. This will give a payment of interest for late lodgment the same treatment as a payment of interest for underpayment or late payment of tax.

4.3 Amendments 14, 15 and 16 will delay the commencement of the proposed late lodgment regime. The new penalties will apply to income tax returns for the 1995-96 year and later years of income.

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