Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon. John Howard, M.P.)Introductory note
The purpose of this memorandum is to explain the provisions of the above Bill, which deals with three matters.
One is the proposed withdrawal of the trading stock valuation adjustment deduction, with effect for 1979-80 and later years of income (clause 4).
A further provision will specifically authorize the continued application of existing rates of income tax instalment (PAYE) deductions from salaries and wages until 30 November 1979, pending the making and implementation of 1979-80 Budget decisions about rates of personal income tax for 1979-80 (clause 5).
The third feature of the Bill will require that the effects on the Consumer Price Index resulting from the first two steps towards import parity pricing of locally produced crude oil be considered in arriving at the tax indexation factor used to adjust the steps in the personal income tax rate scale and the concessional rebates (clause 3).
More detailed explanations are provided below on each of the clauses of the Bill.
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