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House of Representatives

A New Tax System (Tax Administration) Bill (No. 2) 1999

Supplementary Explanatory Memorandum

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

General outline and financial impact

Fringe benefits tax instalments

Schedule 2 to the Bill enables an employer to claim a credit for earlier fringe benefits tax (FBT) instalments where the notional tax amount is reduced during the FBT year (the 'credit measure'). The proposed amendments to Schedule 2 will change the application date of the crdit measure from 1 April 20001 to 1 April 2000.

Date of effect: The amendments relating to the credit measure will apply for the year of tax commencing on 1 April 2000 and all later years of tax.

Proposal announced: The original measures were announced in the Government's Tax Reform Document: Tax Reform: not a new tax, a new tax system (ANTS). These amendments have not been previously announce, but are not inconsistent with the ANTS announcement.

Financial impact: These amendments do not alter the original estimates contained in the explanatory memorandum to this Bill.

Compliance cost impact: There will be no change to the compliance costs as outlined in the explanatory memorandum to this Bill.

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