Commonwealth of Australia Explanatory Memoranda

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TAX LAWS AMENDMENT (2008 MEASURES NO. 3) BILL 2008

                                     2008

     THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

                      HOUSE OF REPRESENTATIVES


      TAX LAWS AMENDMENT (2008 MEASURES No. 3) BILL 2008


          SUPPLEMENTARY EXPLANATORY MEMORANDUM

           Amendments to be Moved on Behalf of the Government



                     (Circulated by the authority of the
                    Treasurer, the Hon Wayne Swan MP)


Explanation of amendments

Amendments 1 to 3

         1.1        Amendment 1 omits item 4 in the Commencement Table. This
         amendment to the Commencement Table preserves the effect of the
         existing commencement provisions for Schedule 1 (Shareholder and
         unitholder rights) and Schedule 2 (Restriction on GST refunds and time
         limits for recovery and refund of indirect tax).

         1.2       Amendment 2 omits Schedule 3 (Income tax treatment of rent
         assistance paid to Austudy recipients).

         1.3      Amendment 3 omits Schedule 4 (Income tax treatment of the
         Carer Adjustment Payment).

         1.4      The financial impact of these amendments is nil as the financial
         impact for Schedules 3 and 4 was nil.
3