Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon. P.J. Keating, M.P.)FINANCIAL IMPACT
The nature of the proposed amendments of the capital gains and capital losses rollover provisions contained in this Bill is such that a reliable estimate of the potential revenue effect cannot be made.
The changes to the substantiation rules will have a negligible effect on revenue.
The fringe benefits tax changes concerning reimbursements, holiday travel allowances and compassionate travel will lead to a negligible, but unquantifiable loss of fringe benefits tax revenue. Other fringe benefits tax changes are also expected to have no or negligible effect on revenue.
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