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House of Representatives

Income Tax Assessment Bill (No. 4) 1973

Income Tax Assessment Act (No. 4) 1973

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon. Frank Crean, M.P.)

Introductory Note

In this memorandum explanations are given of a number of proposed amendments to the Income Tax Assessment Act (the Principal Act). The amendments are designed to counter "tax haven" resort to Norfolk Island on a fairly large scale and to Papua New Guinea to a limited extent. The amendments proposed for Norfolk Island will also apply to Cocos (Keeling) Islands and Christmas Island.

The main features of the proposals contained in the amending Bill are -

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