Supplementary Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)General outline and financial impact
Non-assessable non-exempt income
The amendments to Schedule 3 to the Taxation Laws Amendment Bill (No. 4) 2003 will correct references in the income tax law to a provision that is being split into 2 by the non-assessable non-exempt income measure.
Date of effect: One of the substantive amendments will apply to distributions that are made, or flow indirectly, after 30 June 2002. The other 2 substantive amendments will apply to assessments for the income year including 1 January 2003.
Proposal announced: The amendments have not previously been announced.
Financial impact: Nil.
Compliance cost impact: Nil.
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