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House of Representatives

Income Tax and Social Services Contribution Assessment Bill 1957

Income Tax and Social Services Contribution Assessment Act 1957

Explanatory Notes

(Circulated by the Treasurer, the Rt. Hon. Sir Arthur Fadden.)


The main features of the Bill are -

Amendments which will place adopted children and other children towards whom a taxpayer has all the legal obligations of parenthood in the same position, for income tax purposes, as the children of the marriage of the taxpayer (clause 4);
Exemption of income derived by residents of the Island of Nauru from sources in the Island (clause 5);
Increase of 50% in the rates of annual depreciation allowances where the diminishing value method is used (clause 6);
Provision of options to change from the prime cost method to the diminishing value method of calculating annual depreciation, and vice versa (clause 7);
Provision of an alternative basis of depreciation balancing adjustment in relation to proceeds from the disposal of assets (clauses 12 and 13);
Allowance of deductions of gifts to certain authorities and institutions in Australia (clause 17);
Increase in the concessional allowances for maintenance of dependants (clauses 18 to 20);
Provision of a concessional allowance for maintenance of parents-in-law (clause 19).

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