Supplementary Explanatory MemorandumCirculated By the Authority of the Treasurer, the Hon Wayne Swan MP
General outline and financial impact
Amendment to Schedule 1 - Improving fairness and integrity in the tax system: distributions to entities connected with a private company
The amendment ensures that the use of certain company title flats or home units is not a payment for the purposes of Division 7A of the Income Tax Assessment Act 1936 .
Date of effect: 1 July 2009. This amendment does not adversely affect taxpayers.
Proposal announced: This amendment has not previously been announced.
Financial impact: Nil.
Compliance cost impact: Nil.
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