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Taxation Laws Amendment Bill (No. 4) 1992

Taxation Laws Amendment Act (No. 4) 1992

Supplementary Explanatory Memorandum

(Circulated by the authority of the Treasurer, the Hon John Dawkins, M.P.)

General outline and financial impact

The amendments will amend Taxation Laws Amendment Bill (No.4) 1992 to:

ensure that a resident owner of an entity that is gazetted as an Offshore Banking Unit (OBU) does not have an amount of interest included in its assessable income where it has subscribed paid up capital in the subsidiary and that money is or will be used in activities other than offshore banking activities.

Revenue impact: None.

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