House of Representatives

Explanatory Notes

(Circulated by the Treasurer, the Rt. Hon. Sir Arthur Fadden.)

INTRODUCTORY NOTE

The main features of the Bill are -

(1)

Exemption of income of hospital and medical benefits funds registered under the National Health Act 1953-1955 (Clause 4(a));

(2)

Discontinuance of the exemption of pay and allowances of members of the Defence Force allotted for duty in the Malayan area (Clause 5);

(3)

Provision of an alternative basis of depreciation adjustment in relation to insurance and other recoveries on assets lost or destroyed (Clause 7);

(4)

Provision for deduction of capital expenditure incurred in relation to patent rights, registered designs and copyrights (Clauses 9 and 20);

(5)

Allowance of deductions of gifts to certain authorities and institutions in Australia (Clause 11);

(6)

Increases in the special deductions for residents of isolated areas and for members of the Defence Force serving at certain overseas localities (Clauses 12 and 13);

(7)

Increase in the maximum deductible amount of life insurance premiums, etc. (Clause 15);

(8)

Increase in the maximum deductible amount of education expenses of children (Clause 17);

(9)

Provision for deduction of capital expenditure incurred in timber operations (Clause 20).