Explanatory Memorandum(Circulated by authority of the Minister representing the Treasurer, Senator, The Hon. N.H.D. Henty).
The Income Tax Assessment Bill 1965, in its original form, has been explained in detail in an Explanatory Memorandum that was issued by authority of the Treasurer when the Bill was introduced in the House of Representatives. The purpose of this memorandum is to explain the effect of a number of changes in the Bill that have since been made by amendments in the House of Representatives.
Amendments were made in provisions of the Bill which relate to the subjects listed hereunder. Explanations of the amendments are to be found at the pages of this memorandum indicated below -
- superannuation funds (pages 2 to 7)
- conversion of plant for use with decimal currency (pages 7 to 12)
- bonus shares issued by companies (pages 12 and 13)
- prior year losses of companies (page 13)
The amendments have caused changes in the numbering of clauses of the Bill. They have also necessitated some changes in the numbering of sub-sections of certain of the sections which the Bill proposes to insert in the Principal Act. A schedule at the end of this memorandum correlates the clause numbers and sub-section numbers as included in the original Bill with the clause numbers and sub-section numbers in the Bill as it now stands.