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House of Representatives

Taxation Laws Amendment Bill (No. 3) 2002

Supplementary Explanatory Memorandum and Correction to the Explanatory Memorandum

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

General outline and financial impact

Income tax-related transactions

The amendments to Part 3 of Schedule 1 to the bill, which allows entities to transfer certain income tax amounts without attracting goods and services tax, will:

ensure that the provisions apply where entities are no longer members of the same wholly-owned group at the time of the transfer; and
apply the measure from 1 July 2000.

Date of effect: The amendments apply, and are taken to have applied, in relation to net amounts for tax periods starting (or that started) on or after 1 July 2000.

Proposal announced: Not announced.

Financial impact: Negligible.

Compliance cost impact: Nil.

General insurance

The amendments to Schedule 2 to the bill ensure that net premium income is effectively spread over the relevant period of risk of a general insurance policy and that the measures in the bill apply to all companies that carry on general insurance business.

Date of effect: As per explanatory memorandum.

Proposal announced: Not previously announced.

Financial Impact: Nil.

Compliance cost impact: Nil.

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