House of Representatives
Income Tax Assessment Amendment Bill 1990
Income Tax Assessment Amendment Act 1990
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon. P.J. Keating, M.P.)GENERAL OUTLINE
INCOME TAX ASSESSMENT AMENDMENT BILL 1990
This Bill will amend the Income Tax Assessment Act 1936 to require, from June 1990, instalments of tax deducted from the salary or wages of employees to be remitted to the Commissioner of Taxation twice-monthly where, in the financial year ended 30 June 1989, and/or a later financial year -
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- the total of the deductions made by the employer exceeds $5 million; or
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- in the case of a company/employer which is part of a wholly-owned group of companies, the total of the deductions made by the companies in the group exceeds $5 million (1989-90 Budget announcement).