View full documentView full document Previous section | Next section
House of Representatives

New Business Tax System (Simplified Tax System) Bill 2000

Supplementary Explanatory Memorandum

Amendments to be moved on behalf of Government

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

General outline and financial impact

Amendments to the New Business Tax System (Simplified Tax System) Bill 2000

The amendments to the New Business Tax System (Simplified Tax System) Bill 2000 make minor changes of a technical or clarifying nature. The amendments will ensure the Simplified Tax System operates as intended. A number of the amendments are necessary in order to bring this Bill into line with the new Division 40 concepts contained in the New Business Tax System (Capital Allowances) Bill 2001, which is being debated cognately with this Bill. Also, a new measure will remove the cap on prepayments made by non-STS small business taxpayers and non-business prepayments made by non-individuals who are subject to the prepayment transitional arrangements.

Date of effect: The amendments apply to assessments for income years commencing after 30 June 2001.

Proposal announced: Not previously announced.

Financial impact: The amendments will result in cost to the revenue of less than $1 million per annum.

Compliance cost impact: The amendments will involve no additional compliance costs. The prepayment amendment will reduce the compliance costs of non-STS small business and certain non-individual taxpayers (in respect of certain non-business expenditure).

View full documentView full documentBack to top