House of Representatives
Taxation Laws Amendment Bill (No. 4) 1997
Additional Supplementary Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)General outline and financial impact
Measures to address tax avoidance through tax exempt entities distributing funds offshore
Amends Schedule 5 of the Bill to change the date of effect for all the charitable trust and certain other tax exempt organisations measures to 1 July 1997.
Date of effect: The amendments will take effect from 1 July 1997.
Amendment announced: Not previously announced.
Financial Impact: The estimated impact of these amendments is $25 million revenue foregone in 1996-97.
Compliance cost impact: These amendments will reduce compliance costs for trustees of charitable trusts and certain other tax exempt organisations for 1996-97.