Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon. John Howard, M.P.)
The purpose of this memorandum is to explain the provisions of the above Bills. The major Bill is the Income Tax Assessment Amendment Bill (No. 2) 1978, which is a Bill to amend the Income Tax Assessment Act in a number of important respects. The three other Bills are associated with the proposed branch profits tax.