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Termination Payments Tax Imposition Amendment Bill 1997



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D E P A R T M E N T O F T H E P A R L I A M E N T A R Y L I B R A R Y

Information and

Research

Services

Termination Payments Tax Imposition

Amendment Bill 1997

Bills Digest

No. 65 1997-98

ISSN 1328-8091

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I N F O R M A T I O N A N D R E S E A R C H S E R V I C E S

Bills Digest No. 65 1997-98

Termination Payments Tax Imposition Amendment Bill 1997

John Harrison Economics, Commerce and Industrial Relations Group 24 October 1997

Warning:

This Digest was prepared for debate. It reflects the legislation as introduced and does not canvass subsequent amendments.

This Digest does not have any official legal status. Other sources should be consulted to determine the subsequent official status of the Bill.

Termination Payments Tax Imposition Amendment Bill 1997

Date Introduced: 2 October 1997

House: House of Representatives

Portfolio: Treasury

Commencement: The substantive provisions commence immediately after the commencement of the Termination Payments Tax Imposition

Act 1997

Purpose

To round the rate of termination payment surcharge imposed under the Termination Payments Tax Imposition Act 1997 to five decimal places.

Background

The reader is referred to the Digest for the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Bill 1997.

Main Provisions

This Bill has effect from 5 June 1997.

Section 5 of the Termination Payments Imposition Act 1997 identifies the rate of termination payments surcharge imposed on certain termination payments.

Items 1 and 2 of Schedule 1 provide that the rate of termination payments surcharge imposed under the 1997 Act is rounded to five decimal places.