House of Representatives

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon. John Howard, M.P.)

Introductory note

This memorandum explains the provisions of the abovementioned Bills, the main purposes of which are to provide for new rules for the taxation of certain income of trusts and of minors in accordance with announcements made by the Treasurer on 26 July 1979 and 14 November 1979; to provide tax deductibility for gifts to nominated appeals for the provision of relief in Kampuchea and East Timor; to provide specific rules for determining the value to an employee, for taxation purposes, of housing provided by an employer; and to extend anti-tax avoidance provisions covering recoupment-type schemes so that they will apply to variants based on deductions allowable for bad debts.