Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon. John Howard, M.P.)
This memorandum explains the provisions of the abovementioned Bills, the main purposes of which are to fix the rates of income tax payable for 1979-80, to give effect to certain taxation proposals announced in the 1979-80 Budget Speech and to give effect to ministerial statements of 12 June and 25 June 1979 dealing with depreciation provisions of the income tax law.
The first Bill, the Income Tax Laws Amendment Bill 1979 will amend the Income Tax Assessment Act 1936 and the Income Tax (Arrangements with the States) Act 1978.
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