Explanatory Memorandum
(Circulated by authority of the Treasurer, the Rt. Hon. Phillip Lynch, M.P.)Introductory Note
This memorandum explains the provisions of the Income Tax Assessment Amendment Bill (No. 3) 1977.
The Bill provides for the reinstatement of the income tax exemption in respect of income derived from the sale, transfer, or assignment of a right to mine for gold or for certain prescribed minerals and metals.
The exempting provision, formerly known as the section giving exemption to income of a bona fide prospector, will provide for an exemption along the same lines and in respect of the same minerals and metals as the earlier exemption. The reinstated exemption will apply in respect of income derived after 26 October 1977, other than income derived under a contract made on or before that date.
Notes on the individual clauses of the Bill are set out below.
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