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HOUSE OF REPRESENTATIVES

Taxation Laws Amendment Bill (No. 5) 1997

Supplementary Explanatory Memorandum

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

General outline and financial impact

The Amendment to the Bill deals with the date of application of certain items of schedule 2 of the Bill.

Date of effect: After 23 October 1997 (the date of introduction of the Bill).

Proposal announced: The proposal was announced in the 1996-97 Budget.

Financial impact: There is no financial impact of the amendment. Details od the financial impact of Schedule 2 of the Bill are contained in the General Outline to the Bill.

Compliance cost impact: There is no compliance cost impact of the amendment. Details of the compliance cost impact of Schedule 2 of the Bill are contained in the General Outline to the Bill.

Amendment of the Sales Tax Assessment Act 1992

Overview

1.1 The amendment deals with the date of application of certain provisions of the Bill.

Explanation of the amendments

1.2 The amendemnt corrects the cross referencing in Item 25 of Schedule 2 of the Bill which deals with the application of certain provisions of the Bill.

·
Item 25 of Schedule 2 of the Bill, as introduced, provides that items 4 and 9 are to have application after 23 October 1997 (the date of introduction of the Bill).
·
The amendment corrects the cross reference to provide that:

-
Item5 , which relates to dealings with Part 7A goods
-
Item 10 , which relates to credits in respect of Part 7A goods have application after 23 October 1997.


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