House of Representatives
Debits Tax Termination Bill 1990
Debits Tax Termination Act 1990
Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon. P.J. Keating, M.P.)THE FINANCIAL IMPACT OF TRANSFERRING DEBITS TAX TO STATES AND TERRITORIES
The transfer of responsibility for debits tax to the States and Territories will have no net cost to revenue. The loss of Commonwealth revenue will be offset by corresponding reductions in the Financial Assistance Grants the Commonwealth makes to the States and Territories.