Supplementary Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)General outline and financial impact
Amendments to the New Business Tax System (Capital Allowances) Bill 2001 and the New Business Tax System (Capital Allowances - Transitional and Consequential) Bill 2001
The amendments to the New Business Tax System (Capital Allowances) Bill 2001 and the New Business Tax System (Capital Allowances - Transitional and Consequential) Bill 2001 will ensure the uniform capital allowance system operates as intended. There are a number of amendments as a result of the consideration of submissions received after the further exposure draft on these Bills was released in May 2001. Other amendments are of a technical and clarifying nature.
Date of effect: 1 July 2001 for amendments to the New Business Tax System (Capital Allowances) Bill 2001. In relation to the New Business Tax System (Capital Allowances - Transitional and Consequential) Bill 2001, the amendments generally apply from 1 July 2001.
Proposal announced: Not previously announced.
Financial impact: The financial impact cannot be readily ascertained.
Compliance cost impact: The amendments will involve no additional compliance costs.