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New Business Tax System (Integrity Measures) Bill 2000

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1998-1999-2000

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

 

 

HOUSE OF REPRESENTATIVES

 

 

 

NEW BUSINESS TAX SYSTEM (INTEGRITY MEASURES) BILL 2000

 

 

 

 

 

CORRECTION TO THE EXPLANATORY MEMORANDUM



SUPPLEMENTARY EXPLANATORY MEMORANDUM

 

 

Amendment to be moved on behalf of the Government

 

 

(Circulated by authority of the

Treasurer, the Hon Peter Costello, MP)

 



Correction TO THE EXPLANATORY MEMORANDUM

c hapter 2

Deducting prepayments

Explanation of the amendments

Paragraph 2.29, page 32           Delete the words after ‘1936’.

 

 

 

 

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SUPPLEMENTARY EXPLANATORY MEMORANDUM RELATING TO AMENDMENT TO BE MOVED ON BEHALF OF GOVERNMENT

Deducting prepayments : exclusion for infrastructure borrowings

Exclusion from the operation of the rules

Subsection 82KZME(6) in Schedule 2 to this Bill provides an exclusion from the operation of the rules for interest expenditure in respect of infrastructure borrowings which are covered by Division 16L of Part III of the Income Tax Assessment Act 1936 .

The subsection is amended to exclude all expenditure in respect of these investments. The amendment will ensure a continuation of the tax treatment which applied prior to the Government’s announcement of the new arrangements on 11 November 1999.