Supplementary Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
General outline and financial impact
The amendment to the Taxation Laws Amendment (Film Incentives) Bill 2002 adds a provision requiring the film incentive initiative to be reviewed in 5 years. Without the amendment, the requirement for review of the incentive would have been only administrative.
Date of effect: This amendment will commence at the same time as those in Schedule 1 to the Taxation Laws Amendment (Film Incentives) Bill 2002.
Proposal announced: The review was announced in Treasurers Press Release No. 65 of 4 September 2001.
Financial impact: The amendment will have no effect on the financial impact of the measures in the bill.
Compliance cost impact: The amendment will involve no additional compliance costs.