Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon. P.J. Keating, M.P.)FINANCIAL IMPACT
The amendments in relation to share buy-backs will result in unquantifiable revenue savings.
The amendment of the special depreciation concession for Australian trading ships will have no impact until the 1992- 93 year with an estimated cost to revenue of $23 million and $31 million in 1993-94.
The cost to revenue of including the National Foundation for Australian Women Limited, Landcare Australia Limited and The Foundation for Development Cooperation Ltd in the income tax gift provisions is estimated to be $50,000, $250,000 and $500,000 respectively in a full financial year.
The increase in the threshold below which instalments of provisional tax are not payable is estimated to increase outlays on public debt interest by $20 million in 1989-90, $18 million in 1990-91 and $15 million per annum in subsequent years.
The amendment to extend the maximum allowable period of amortisation of the taxable value of fringe benefits under certain remote area housing ownership schemes is estimated to cost $150,000 in a full year.
Other amendments proposed by the Bill will have negligible revenue impact.