Supplementary Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
General outline and financial impact
This supplementary explanatory memorandum explains amendments to the Taxation Laws Amendment (Trust Loss and Other Deductions) Bill 1997 (the Bill) to be moved on behalf of the Government. It also includes an addendum to the Explanatory Memorandum to that Bill.
The amendments deal with technical issues designed to clarify the intended operation of the proposed provisions. The amendments also include a change to the transitional rules dealing with the making and revocation of family trust and interposed entity elections which has been necessitated by the delay in enactment of the legislation.
Date of effect: The date of effect of the amendments is as outlined in paragraphs 3.2 to 3.7 of the Explanatory Memorandum to the Bill.
Proposal announced: The amendments to the Bill have not been previously announced.
Financial impact: The amendments to the Bill will not affect the financial impact outlined in paragraph 1.45 of the Explanatory Memorandum to the Bill.
Compliance cost impact: The amendments will not have any additional compliance cost impact to that outlined in paragraphs 1.35 to 1.40 of the Explanatory Memorandum to the Bill.