House of Representatives
Income Tax Amendment Bill 1986
Income Tax Amendment Act 1987
Second Reading Speech
By the Minister assisting the Treasurer, the Hon. Chris Hurford, M.P.The Bill will amend the Income Tax Act 1986 to formally impose provisional tax for the 1987-88 financial year.
The amendment complements the proposed introduction of the instalment system for the payment of provisional tax, by the Taxation Laws Amendment Bill (No. 5) 1986 about which I have just spoken.
It provides for the application of the instalment system in 1987-88.
Details of this Bill are also set out in the Explanatory Memorandum circulated to Honourable Members.
I commend the Bill to the House.