House of Representatives

Supplementary Explanatory Memorandum

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

General Outline

The Income Tax Assessment Amendment Bill (No. 4) 1984 will amend the income tax law in various respects, primarily to give effect to the Government's Budget proposals in the business and personal tax area. An Explanatory Memorandum containing an explanation of the provisions of the Bill, as introduced into the House of Representatives, has been made available to honourable Members.

The amendments, proposed to be made on behalf of the Government to the Income Tax Assessment Amendment Bill (No. 4) 1984 during the Committee Stage in the House of Representatives, will insert new clauses in the amending Bill and amend the income tax law to:

•

reduce the administrative and paperwork burden associated with the operation of the prescribed payments system and make it easier for persons affected by the system to comply with its requirements (proposals announced on 4 September 1984); and

•

correct a technical deficiency in section 79C of the Principal Act.

This supplementary memorandum explains these amendments and is to be read in conjunction with the earlier Explanatory Memorandum.