House of Representatives

Income Tax Assessment Bill 1943

Income Tax Assessment Act 1943

Explanatory Memorandum

(Circulated by the Treasurer, the Honourable J. B. Chifley.)

Ed Note.

The original document included both the explanatory notes and the text of the related legislation. In the electronic copy, only the explanatory notes and headings of the related legislation,, have been retained.

NEW CLAUSE 8A.-EXPENDITURE FOR ENEMY RAIDS PRECAUTIONS.

Section 72B of the Principal Act provides for the allowance of a deduction of expenditure for enemy raid precautions incurred for the purpose of protecting persons employed on premises owned or used by the taxpayer for the purpose of producing assessable income.

It has been pointed out that the section does not provide for the allowance of a deduction in respect of expenditure incurred by a landlord in the construction of shelters for the protection of tenants and employees and customers of tenants or of a taxpayer's customers where he is engaged in a business.

Sub-section (1.) of the section has accordingly been redrafted to ensure that the deduction will be allowed in respect of expenditure of this nature in all cases except where the expenditure is incurred in connexion with premises not used primarily and principally for the production of assessable income.

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