Supplementary Explanatory MemorandumAmendments to be moved on behalf of the Government (Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
General outline and financial impact
The amendments made to the philanthropy measures contained in Schedule 5 to this Bill will clarify and streamline the operation of the measures and will remove an unintended consequence.
Date of effect: The amendments will apply from 1 July 1999.
Proposal announced: The original proposal was announced on 26 March 1999 by the Prime Minister, the Treasurer, the Minister for Family and Community Services, the Minister for Communications, Information Technology and the Arts, and the Minister for the Arts and the Centenary of Federation. These amendments have not been announced.
Financial impact: These amendments do not alter the original estimates contained in the Explanatory Memorandum to the Taxation Laws Amendment Bill (No. 8) 1999.
Compliance cost impact: There will be no change to the compliance costs as outlined in the Explanatory Memorandum to the Taxation Laws Amendment Bill (No. 8) 1999.
A Regulation Impact Statement is not required for this amendment.
Amendment 2 will amend Schedule 3 to this Bill to ensure that no taxpayer is disadvantaged by the retrospective amendment to be made by item 2 in Schedule 3 to the existing concession under the 45 day rule which applies where shares or interests in shares are transferred to a bare trustee.
Date of effect: This change will apply from the commencement of the 45day rule.
Proposal announced: Not announced.
Financial impact: Nil.
Compliance cost impact: Negligible.
The Office of Regulation Review has advised that a Regulation Impact Statement is not required for this change.