Explanatory Memorandum
(Circulated by authority of the Minister for Revenue and Assistant Treasurer, Senator the Hon Helen Coonan)4 - Notes on individual clauses
Clause 1: Short title
4.1 Clause 1 is a formal provision specifying the Short Title of the Bill.
Clause 2: Commencement
4.2 Sections 1 to 3 of the Bill and any other items not specified elsewhere in the Bill will commence on Royal Assent.
4.3 Schedules or Parts of Schedules will commence on the day or at the time specified in the table in clause 2. The following table clarifies the commencement times of the Schedules or Parts of Schedules:
| Commencement time | Schedule or Part of Schedule |
| First date: either set by Proclamation no later than six months after Royal Assent, or the first day after the end of that period if not proclaimed. | Schedule 1, Part 1
Schedule 2 Schedule 3 |
| Two years and 1 day after the first date. | Schedule 1, Part 2 |
Clause 3: Schedule(s)
4.1 This clause makes it clear that the Acts specified in the Schedules are amended or repealed as set out in the Schedules, and that the Schedules may also contain other provisions.
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