Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon. P.J. Keating, M.P.)THE MAIN FEATURES OF THE BILL
Debits Tax Act 1982
Amendment of the Debits Tax Act 1982 (see clauses 3, 4 and 5 of the Bill)
The Debits Tax Act imposes tax on withdrawals from accounts held with financial institutions on which the account holder can draw cheques or payment orders. The Commonwealth will no longer impose debits tax from a day to be proclaimed by the Governor-General. Responsibility for imposing and collecting debits tax will be handed over to the States and Territories on that day.
Taxation Administration Act 1953
Amendment of the Taxation Administration Act 1953 (see clauses 6 and 7 of the Bill)
The Bill authorises the Federal Commissioner of Taxation to make arrangements with taxation Commissioners of States and Territories to collect on their behalf debits tax imposed by the State or Territory.
The notes that follow explain the clauses of the Bill in more detail.
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