Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon. Frank Crean, M.P.)
The purpose of this memorandum is to explain the provisions of three income tax Bills.
The first Bill - the Income Tax Bill 1974 - will declare the rates of income tax payable by individuals and companies for the current financial year, 1974-75.
The second Bill - the Income Tax Assessment Bill (No. 2) 1974 - will amend the Income Tax Assessment Act 1936-74 (the Principal Act), mainly to give effect to proposals made as part of the 1974-75 Budget.
The third Bill - the Income Tax (Bearer Debentures) Bill 1974 - will alter the rate of tax to be payable by a company on interest on bearer debentures, where the holders of the debentures are not identified.
The main features of the Bills are: