Bills Digest No. 25   1997-98 Franchise Fees Windfall Tax (Consequential Amendments) Bill 1997


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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.

CONTENTS

Passage History

Franchise Fees Windfall Tax (Consequential Amendments) Bill 1997

Date Introduced: 28 August 1997
House: House of Representatives
Portfolio: Treasury
Commencement: On Royal Assent

Purpose

To amend the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 as a consequence of giving effect to the Commonwealth's 'safety net' windfall tax proposals.

Background

The present Bill forms part of a package of nine proposed laws which collectively constitute the Commonwealth's legislative response to a unanimous request from the State and Territory Governments to protect their revenues following the High Court's decisions in Ha & Another v State of New South Wales & Others and Walter Hammond & Associates Pty Limited v State of New South Wales and Others.

A detailed 'background' is providedin the Bills Digest for the Franchise Fees Windfall Tax (Collection) Bill 1997.

Main Provisions

The proposed amendments are consequential in nature. Items 1 and 2 of the Schedule provide for amendments to the Income Tax Assessment Act 1936. Item 1 provides that refunds of franchise fees that are subject to windfall tax are not also subject to income tax. Item 2 will exclude windfall tax from the list of allowable deductions that businesses claim against their assessable income. Items 1 and 2 affect tax liabilities for the year 1996-97.

Items 3-6 amend the Income Tax Assessment Act 1997, and have the same substantive effect as items 1 and 2 but will apply to the tax year 1997-98 and subsequent years.

Contact Officer and Copyright Details

Bob Bennett
1 September 1997
Bills Digest Service
Information and Research Services

This Digest does not have any official legal status. Other sources should be consulted to determine whether the Bill has been enacted and, if so, whether the subsequent Act reflects further amendments.

IRS staff are available to discuss the paper's contents with Senators and Members and their staff but not with members of the public.

ISSN 1328-8091
© Commonwealth of Australia 1997

Except to the extent of the uses permitted under the Copyright Act 1968, no part of this publication may be reproduced or transmitted in any form or by any means, including information storage and retrieval systems, without the prior written consent of the Parliamentary Library, other than by Members of the Australian Parliament in the course of their official duties.

Published by the Department of the Parliamentary Library, 1997.

This page was prepared by the Parliamentary Library, Commonwealth of Australia
Last updated: 2 September 1997


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