Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)Chapter 3 - Commonwealth Places Windfall Tax (Imposition) Bill 1998
Overview
3.1 The Commonwealth Places Windfall Tax (Imposition) Bill 1998 imposes the windfall tax at a rate of 100%.
Summary of the provisions
3.2 The purpose of the Commonwealth Places Windfall Tax (Imposition) Bill 1998 is to impose the windfall tax.
3.3 The Bill will apply from the same date as the Commonwealth Places Windfall Tax (Collection) Bill 1998 which is proposed to commence on 6 October 1997 [clause 2] .
Explanation of the provisions
3.4 The Bill, when enacted, will be called the Commonwealth Places Windfall Tax (Imposition) Act 1998 [clause 1] .
3.5 The Act will bind the Crown in all its capacities [clause 3] .
3.6 The Commonwealth places windfall tax will be imposed at a rate of 100%. That is, the tax imposed is 100% of the taxable amount as described in the Commonwealth Places Windfall Tax (Collection) Act 1998 [clause 4] .
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