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
Franchise Fees Windfall Tax (Consequential Amendments)
Bill 1997
Date Introduced: 28 August 1997
House: House of Representatives
Portfolio: Treasury
Commencement: On Royal Assent
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.
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.
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.
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
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of the Australian Parliament in the course of their official
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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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