Explanatory Notes(Circulated by the Treasurer, the Rt. Hon. Sir Arthur Fadden.)
The main features of the Bill are -
- Exemption of income of hospital and medical benefits funds registered under the National Health Act 1953-1955 (Clause 4(a));
- Discontinuance of the exemption of pay and allowances of members of the Defence Force allotted for duty in the Malayan area (Clause 5);
- Provision of an alternative basis of depreciation adjustment in relation to insurance and other recoveries on assets lost or destroyed (Clause 7);
- Provision for deduction of capital expenditure incurred in relation to patent rights, registered designs and copyrights (Clauses 9 and 20);
- Allowance of deductions of gifts to certain authorities and institutions in Australia (Clause 11);
- Increases in the special deductions for residents of isolated areas and for members of the Defence Force serving at certain overseas localities (Clauses 12 and 13);
- Increase in the maximum deductible amount of life insurance premiums, etc. (Clause 15);
- Increase in the maximum deductible amount of education expenses of children (Clause 17);
- Provision for deduction of capital expenditure incurred in timber operations (Clause 20).
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