Supplementary Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
General outline and financial impact
The amendments amend the New Business Tax System (Miscellaneous) Bill 1999 to allow refundable imputation credits (franking rebates) to certain charities and gift deductible organisations.
Date of effect: The amendments apply in relation to dividends paid on or after 1 July 2000.
Proposal announced: Treasurer's Press Release No. 24 of 13 April 2000.
Financial impact: The financial impact of these amendments are set out in the following table:
Compliance cost impact: Eligible organisations who do not currently lodge a tax return may incur a small cost if they choose to lodge a return to take advantage of the refund.