Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon. P.J. Keating, M.P.)GENERAL OUTLINE OF WHAT THIS BILL WILL DO
The Bill will facilitate transfer of responsibility for debits tax from the Commonwealth to States and Territories. It does this by amending the Debits Tax Act 1982 to terminate imposition of the tax by the Commonwealth.
As an interim arrangement the Federal Commissioner of Taxation will collect on behalf of States and Territories debits tax imposed by them. The Bill will amend the Taxation Administration Act 1953 to allow the Federal Commissioner to make agency arrangements with State and Territory taxation Commissioners.
The transfer of debits tax to the States and Territories will take effect on a date to be proclaimed. It is expected that the handover will occur on 1 December 1990.
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