Taxation Laws Amendment Bill (No. 2) 1993

Supplementary Explanatory Memorandum

(Circulated by the authority of the Treasurer, the Hon John Dawkins, M.P.)

Summary of proposed amendments

The development allowance provisions and the general investment allowance provisions are to be amended so that panel vans and utility trucks derived from a motor car will qualify for the allowance if designed to carry loads of 1 tonne or more. Such vehicles cannot qualify under the existing allowances irrespective of their carrying capacity.

The amendments will apply from the commencement of each allowance. That is, to vehicles ordered after 26 February 1992 in the case of the development allowance and to vehicles ordered after 8 February 1993 in the case of the general investment allowance.

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