Explanatory Memorandum PART B
(Circulated by authority of the Treasurer, the Hon. P.J. Keating, M.P.)Foreword
Part A of this Explanatory Memorandum, which contains an outline and broad explanation of each of the measures in the Bills, was circulated on introduction of those Bills into the House of Representatives.
This Part - Part B - contains a clause by clause explanation of the Bills in the following order -
| . Taxation Laws Amendment Bill (No.2) 1985 | - pages 1 to 88 |
| . Income Tax (Individuals) Bill 1985 | - pages 89 to 90 |
| . Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Bill 1985 | - pages 90 to 92 |
| . Medicare Levy Bill 1985 | - pages 92 to 97 |
Because the amendments of the Income Tax Assessment Act 1936 and the Taxation Administration Act 1953 by Parts V and IX of the Taxation Laws Amendment Bill (No.2) 1985 (clauses 9 to 36 and 43 to 48 respectively) are the most significant changes to the taxation laws being made by this Bill, explanations of those changes appear immediately after the notes on Part 1 (Preliminary). Explanations of the other amendments being made by the Bill then follow in sequential order. Where these other amendments are to the same effect as previously explained amendments, the notes refer back to the previous explanations to avoid repetition.
The various Parts of the Bill are explained in the following order -
| . Part I - Preliminary | - page 1 |
| . Part V - Amendments of the Income Tax Assessment Act 1936 | - pages 1 to 73 |
| . Part IX - Amendments of the Taxation Administration Act 1953 | - pages 73 to 82 |
| . Part II - Amendments of the Australian Capital Territory Taxation (Administration) Act 1969 | - pages 82 to 83 |
| . Part III - Amendments of the Bank Account Debits Tax Administration Act 1982 | - page 83 |
| . Part IV - Amendments of the Gift Duty Assessment Act 1941 | - pages 83 to 84 |
| . Part VI - Amendments of the Pay-Roll Tax (Territories) Assessment Act 1971 | - pages 84 to 85 |
| . Part VII - Amendments of the Sales Tax Assessment Act (No. 1) 1930 | - pages 85 to 86 |
| . Part VIII - Amendment of the Sales Tax Procedure Act 1934 | - pages 86 to 87 |
| . Part X - Amendment of the Taxation (Interest on Overpayments) Act 1983 | - page 87 |
| . Part XI - Amendments of the Tobacco Charges Assessment Act 1955 | - page 88 |
| . Part XII - Amendments of the Wool Tax (Administration) Act 1964 | - page 88 |