Supplementary Explanatory Memorandum
Amendments and New Clauses to be Moved on Behalf of the Government(Circulated by authority of the Treasurer, the Hon Ralph Willis, MP)CHAPTER 3 - AMENDMENT 10 - ELIGIBLE INVESTMENT INCOME OF REGISTERED ORGANISATIONS
Overview and explanation of the amendment
3.1 This amendment will remove clauses 60, 61, 62 and 63 from the Bill.
3.2 These clauses were introduced to include in the assessable income of registered organisations income derived from certain assets.
3.3 The clauses have been omitted to allow consultation with industry on the amendments.
3.4 The provisions will be reintroduced in another Bill in the current sitting period.
3.5 The amendments when reintroduced will still apply to income derived on or after 1 July 1994 by a registered organisation from certain assets.
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