House of Representatives
Income Tax Assessment Amendment Bill (No. 2) 1982
Income Tax Assessment Amendment Act (No. 2) 1982
Explanatory Memorandum
(Circulated by authority of the Minister representing the Acting Treasurer, the Hon. W.C. Fife, M.P.)General outline
This Bill will amend the income tax law to:
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- allow a rebate of tax for home loan interest payments made by a resident taxpayer on or after 1 July 1982 in connection with his or her sole or principal residence situated in Australia, limited to the first 5 years of owner-occupancy of a residence that commences between 1 July 1977 and 30 June 1985 (proposal announced 18 March 1982);
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- permit the supply of information from income tax records to the Secretary, Department of Housing and Construction, for the purposes of the new Home Deposit Assistance Scheme;
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- permit the disclosure of information from income tax records to the Royal Commission on the Activities of the Federated Ship Painters and Dockers Union, the Royal Commission of Inquiry into Drug Trafficking and any subsequent Royal Commission which is given appropriate terms of reference (proposal announced 14 April 1982).