Explanatory Memorandum
(Circulated by the authority of the Treasurer, Hon J. B. Hockey MP)General outline and financial impact
Repeal of the Tax Bonus for Working Australians
This Bill repeals the Tax Bonus for Working Australians Act (No. 2) 2009 (Tax Bonus Act) to ensure that the Commissioner of Taxation does not make any further tax bonus payments. This Bill also makes some consequential amendments to the taxation laws as a result of the repeal of the Tax Bonus Act.
Date of effect : The repeal takes affect from the day after Royal Assent.
Proposal announced : The measure has not been previously announced.
Financial impact : This measure is expected to save $0.25 million on an underlying cash balance basis over the forward estimates. The full impact is expected to occur in 2014-15.
Human rights implications : This Bill does not raise any human rights issue. See Statement of Compatibility with Human Rights - Chapter 1, paragraphs 1.22 to 1.25.
Compliance cost impact : Nil.