Additional Supplementary Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
General outline and financial impact
Amends Schedule 5 of the Bill to change the date of effect for all the charitable trust and certain other tax exempt organisations measures to 1 July 1997.
Date of effect: The amendments will take effect from 1 July 1997.
Amendment announced: Not previously announced.
Financial Impact: The estimated impact of these amendments is $25 million revenue foregone in 1996-97.
Compliance cost impact: These amendments will reduce compliance costs for trustees of charitable trusts and certain other tax exempt organisations for 1996-97.