House of Representatives

Explanatory Memorandum Part A

(Circulated by authority of the Minister Assisting the Treasurer, The Hon. Chris Hurford MP)

Financial Impact

The nature of the measures contained in this Bill to strengthen the collection and recovery provisions of the various taxation laws, including increases in penalties for late payment and other breaches of the law, is such that a reliable estimate of their effect on the revenue cannot be made. It can be expected, nevertheless, that the revenue will gain substantially, not only from the increased amounts of penalty, but from a greater level of compliance with the taxation laws.