Commonwealth of Australia Explanatory Memoranda

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NEW BUSINESS TAX SYSTEM (INTEGRITY MEASURES) BILL 2000

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)

ISBN: 0642 437335

CORRECTION TO THE EXPLANATORY MEMORANDUM
chapter 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.

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