House of Representatives
Income Tax Assessment Bill 1972
Income Tax Assessment Act 1972
Explanatory Memorandum
(Circulated by the Treasurer, the Hon. B.M. Snedden, Q.C.,M.P.)Introductory Note
The purpose of this Bill is to restore - in relation to expenditure incurred on or after 14 February 1972 - the operation of the provisions for the investment allowance deduction from assessable income of 20 per cent of capital expenditure on new manufacturing plant. This deduction, which is additional to the normal depreciation allowance, was originally introduced to apply from 7 February 1962 and remained in force until its suspension as from 4 February 1971.
The clauses of the Bill are explained in the following paragraphs.