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Taxation Laws Amendment Bill (No. 2) 1993

Supplementary Explanatory Memorandum

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

General Outline and Financial Impact of the Amendments

These proposed amendments will amend Taxation Laws Amendment Bill (No.2) 1993 to extend the development allowance and the general investment allowance to panel van and utility truck derivatives of motor cars if designed to carry loads of 1 tonne or more.

The amendments will apply from the commencement of each allowance. That is, to vehicles ordered after 26 February 1992 in the case of the development allowance and to vehicles ordered after 8 February 1993 in the case of the general investment allowance.

The cost of the amendment under the development allowance is impossible to estimate but, by the nature of the allowance, is unlikely to be high. The total cost under the general investment allowance is unlikely to exceed $2m.

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