Commonwealth of Australia Explanatory Memoranda

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TAX LAWS AMENDMENT (PERSONAL TAX REDUCTION AND IMPROVED DEPRECIATION ARRANGEMENTS) BILL 2006

                                2004-2005-2006



     THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA



                      HOUSE OF REPRESENTATIVES




    TAX LAWS AMENDMENT (PERSONAL TAX REDUCTION AND
      IMPROVED DEPRECIATION ARRANGEMENTS) BILL 2006




          SUPPLEMENTARY EXPLANATORY MEMORANDUM

            Amendments to be moved on behalf of the Government



                         (Circulated by authority of the
                     Treasurer, the Hon Peter Costello MP)




Explanation of amendments to Schedule 5

          1.1      Amendments 1 and 2 will ensure the improved depreciation
          arrangements contained in Schedule 5 to this Bill will apply where a
          taxpayer starts to hold an asset on or after 10 May 2006.