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House of Representatives

Income Tax Assessment Amendment Bill (No. 2) 1983

Income Tax Assessment Amendment Act (No. 2) 1983

Explanatory Memorandum

(Circulated by authority of the Minister for Finance, the Hon. J.S. Dawkins, M.P.)

General Outline

The Bill will amend the income tax law to give effect to decisions announced by the Treasurer on 19 May 1983 to:

·
terminate the taxation concessions available in respect of the conversion or replacement of oil-fired plant;
·
extend from 3 to 5 years the write-off period for certain depreciable plant (including hay, grain or fodder storage facilities) used by primary producers;
·
terminate the special depreciation arrangements for storage facilities for petroleum fuel;
·
withdraw the exemption from withholding tax available in respect of interest on overseas borrowings by private sector "Australian entities";
·
abolish the rebate of tax for contributions to secure entitlement to basic hospital and medical benefits in respect of any period after 30 June 1983;
·
abolish the "universal" rebate of tax for home loan interest in excess of 10 per cent per annum that is paid or accrues after 30 June 1983.


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