Second Reading Speech
By the Minister assisting the Treasurer, the Hon. Chris Hurford, M.P.The Bill will amend the Income Tax Act 1986 to formally impose provisional tax for the 1987-88 financial year.
The amendment complements the proposed introduction of the instalment system for the payment of provisional tax, by the Taxation Laws Amendment Bill (No. 5) 1986 about which I have just spoken.
It provides for the application of the instalment system in 1987-88.
Details of this Bill are also set out in the Explanatory Memorandum circulated to Honourable Members.
I commend the Bill to the House.
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