Supplementary Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)General outline and financial impact
Amendment to the Taxation Laws Amendment (Film Incentives) Bill 2002
The amendment to the Taxation Laws Amendment (Film Incentives) Bill 2002 adds a provision requiring the film incentive initiative to be reviewed in 5 years. Without the amendment, the requirement for review of the incentive would have been only administrative.
Date of effect: This amendment will commence at the same time as those in Schedule 1 to the Taxation Laws Amendment (Film Incentives) Bill 2002.
Proposal announced: The review was announced in Treasurers Press Release No. 65 of 4 September 2001.
Financial impact: The amendment will have no effect on the financial impact of the measures in the bill.
Compliance cost impact: The amendment will involve no additional compliance costs.