House of Representatives
Income Tax and Social Services Contribution Assessment Bill 1962
Income Tax and Social Services Contribution Assessment Act 1962
Explanatory Memorandum(Circulated by authority of the Treasurer, the Rt. Hon. Harold Holt.)
The main purposes of this Bill are -
- To authorise a deduction from assessable income of 20% of capital expenditure on new manufacturing plant used in Australia for the purpose of producing assessable income or installed ready for use for that purpose. This allowance will be additional to normal depreciation allowances which will continue to be calculated in relation to the full cost of the plant (Clauses 5 and 7);
- To extend for a further five years from 1st July, 1962 the special depreciation allowance of 20% per annum of cost on plant and structural improvements used in primary industries. This special allowance is available on designated plant and structural improvements used in pastoral, agricultural and pearling operations and on plant used in fishing operations (Clause 6);
- To permit, in specified circumstances, a deduction for capital contributed directly to companies engaged principally in mining or prospecting in Australia or the Territory of Papua and New Guinea for minerals other than gold, uranium and oil (Clauses 4, 8 and 9);
- To repeal provisions of the income tax law relating to the issue of taxation clearances to persons about to leave Australia (Clause 11).
The clauses of the Bill are explained in the following notes.