Supplementary Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
General outline and financial impact
Commonwealth education or training payments
This measure will amend Taxation Laws Amendment Bill (No.1) 1997 to ensure that the existing tax treatment of a Commonwealth payments to students and bereavement payments made to youth training allowance recipients is not changed.
Date of effect: The amendments apply from 1 July 1996.
Amendment announced: Not previously announced.
Financial impact: The amendments are not expected to have any effect on the revenue.
Compliance cost impact The amendment ensures that the tax treatment of Commonwealth payments to students and bereavement payments made to youth training allowance recipients is unchanged, compliance costs are unaffected.