Explanatory Memorandum
Circulated By the Authority of the Treasurer, the Hon Wayne Swan MPGeneral outline and financial impact
This Bill rewrites provisions from the Income Tax Assessment Act 1936 into the Income Tax Assessment Act 1997 and the Taxation Administration Act 1953. This is a significant step towards achieving a single income tax assessment Act for Australia.
The rewritten provisions are:
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- Part VI (collection and recovery provisions);
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- Schedule 2C (commercial debt forgiveness);
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- Schedule 2E (luxury car leases);
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- Schedule 2G (farm management deposits); and
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- Schedule 2J (general insurance).
The rewritten provisions generally make no policy changes. However, they include the drafting changes needed to conform to the legislative approach used in the Income Tax Assessment Act 1997, to simplify expression, and to remove any ambiguity.
Date of effect: The rewrites generally apply to the 2010-11 and later income years.
Proposal announced: This measure was announced in the then Assistant Treasurer's speech to the Taxation Institute of Australia Annual Conference on 13 March 2009.
Financial impact: Nil to minimal.
Compliance cost impact: Low.
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