Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon. John Howard, M.P.)Main features
The Income Tax Assessment Amendment Bill (No. 3) 1982 will (by clause 3) give effect to a decision, arising from the Review of Commonwealth Functions, to exempt from income tax income of a new company that is taking over, as from 1 July 1982, the activities of the Australian Wool Testing Authority. The income of that body is exempt from income tax under existing law (sub-section (1) of Section 87 of the Wool Industry Act 1972).
The new company is being incorporated in Victoria as the "Australian Wool Testing Authority Limited".
The Bill will exempt from income tax income of the new company derived on or after 1 July 1982 in relation to the function of carrying out the testing of wool and other fibres or of products made from wool and other fibres, these being the functions of the existing Authority.
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