New Business Tax System (Consolidation) Bill (No. 1) 2002

Corrections to the Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)

Corrections to the explanatory memorandum

The following corrections are required to remove uncertainty and ensure that the explanatory memorandum reflects the bill:

replace the third sentence in the final paragraph of the compliance cost impact section of the general outline (page 4) with the following:
"These costs will be alleviated by a transitional measure under which the group can elect, if they form a consolidated group prior to 1 July 2004, to bring assets into the group at their existing cost bases";
omit paragraph 2.35, which is inconsistent with the introduced bill;
in the new law component of the comparison of key features table on page 111 insert "of" after "cost for the net assets";
in the second row of Table 5.1 (page 114) the reference to section 70-50 should be to section 70-55;
in the table in Example 5.3 (page 118) the amount for the reset cost of trading stock should be 24.50 rather than 25.50 and in the paragraph following the table the reference to $5.50 should be to $4.50;
in paragraph 5.107 the cross reference to paragraph 5.107 should be to 5.106; and
in paragraph 5.114 the cross reference to paragraphs "5.14 to 5.15" should be to "5.154 to 5.157".