Supplementary Explanatory Memorandum(Circulated by the authority of the Treasurer the Hon John Dawkins, M.P.)
General Outline and Financial Impact
These proposed amendments will amend the Taxation Laws Amendment Bill (No.2) 1993 to insert the correct date from which the General Investment Allowance is available. That is, the allowance is to be available in respect of eligible property acquired or commenced to be constructed after 8 February 1993 rather than after 9 February 1993. This amendment resolves an ambiguity in public statements about the allowance in favour of the taxpayer. It reflect the Government's original decision.
Because these amendments give effect to the Government's original decision, they have no impact on the estimated cost of the measure.