House of Representatives

Taxation Laws Amendment Bill (No. 5) 1990

Taxation Laws Amendment Act (No. 5) 1990

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon. P.J. Keating, M.P.)


The extension of an exemption from fringe benefits tax to contributions by employers to obtain priority of access for employee's children in commercial child care centres is expected to be negligible.

The changes to the capital gains tax provisions will result in a small but unquantifiable cost to revenue.

The amendments concerning the excessive component of an eligible termination payment will have a negligible impact on revenue.

The cost of increasing the maximum tax deductions for people with no superannuation support and of allowing rebates for superannuation contributions by certain employees is expected to be $145 million in the 1991-92 year.

The amendments to introduce a new provisional tax penalty will have negligible revenue impact.

The revenue cost of extending the income tax gift provisions to include The Friends of the Duke of Edinburgh's Award in Australia Incorporated is estimated to be $100,000 in a full financial year.

The amendment to extend the period of tax deductibility for gifts to Australian Vietnam Forces Welcome Home '87 Pty Limited is expected to cost the revenue $75,000 in the 1991-92 financial year.

The exemption of the pay and allowances of Australian Defence Force personnel on operational service in the Middle East is estimated to cost $850,000 per month with a total cost of $8.75 million in financial year 1990-91.

The amendment to the Occupational Superannuation Standards Act 1987 will have no financial impact.

The estimated cost to revenue of the amendments relating to sex discrimination is less than $500,000 in a full year.

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