Explanatory Memorandum
(Circulated by authority of the Prime Minister, the Hon J W Howard MP)Schedule 2 - Amendments of taxation legislation
Item 1
Item 1 deletes from subparagraph 97(3)(c)(i) of the Income Tax Assessment Act 1936 a reference to section 51-15 of Income Tax Assessment Act 1997, because Item 3 repeals section 51-15 of Income Tax Assessment Act 1997.
Item 2
Item 2 deletes from subsection 102AAE(2) of the Income Tax Assessment Act 1936 a reference to section 51-15 of Income Tax Assessment Act 1997, because Item 3 repeals section 51-15 of Income Tax Assessment Act 1997.
Item 3
Section 51-15 of the Income Tax Assessment Act 1997 provides for income tax exemptions if the taxpayer is a Vice-Regal Representative (the Governor-General or a State Governor). The exemptions cover official salaries and any ordinary or statutory income derived from outside Australia.
Repeal of section 51-15 will remove income tax exemptions for Vice-Regal Representatives.
Item 4
Item 4 is a transitional provision which will ensure that the repeal of section 51-15 will not affect the current Governor-General nor State Governors who held office the day before the commencing day .
The commencing day for the provision is 29 June 2001 which is the day on which the Most Reverend Peter Hollingworth is to be appointed Governor-General.
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