House of Representatives

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon. P.J. Keating, M.P.)

FRINGE BENEFITS TAX (MISCELLANEOUS PROVISIONS) BILL 1986

This Bill proposes amendments to certain Acts that are consequential upon the principal legislation to impose fringe benefits tax on employers.

NOTES ON CLAUSES

Clause 1: Short title

By this clause the proposed Act is to be cited as the Fringe Benefits Tax (Miscellaneous Provisions) Act 1986.

Clause 2: Commencement

Under sub-clause 2(1), the proposed Act, except as provided in sub-clause 2(2), is to come into operation at the same time as the Fringe Benefits Tax Assessment Act 1986.

By sub-clause 2(2), the amendment proposed by this Bill to insert section 82KZK in the Income Tax Assessment Act 1936 will come into operation on the day on which the Taxation Laws Amendment Act 1986 comes into operation if that day is after the day on which the Fringe Benefits Tax Assessment Act 1986 comes into operation. This commencement date reflects the fact that new section 82KZK relates to provisions concerning rental property investments which are proposed to be inserted by the Taxation Laws Amendment Bill 1986.

Clause 3: Amendments

By this clause the Acts specified in the Schedule to the Bill will be amended as set out in that Schedule.

Clause 4: Application of amendments

This clause specifies the years of income in which, or the dates from which, the various amendments proposed in the Bill to the Income Tax Assessment Act 1936 will first apply. An explanation of the application provisions is contained in the notes on the clauses to which each of the sub-clauses of clause 4 apply.