Vol 8 No 5
Issued
02 Sep 1996

TIB - September 1996

This TIB outlines the changes which have resulted from the enactment of the Tax Reduction and Social Policy Bill and the Finance Bill (No.6).

The Tax Reduction and Social Policy Bill was enacted on 10 May 1996. It was split into the following Acts:

  • Income Tax Act 1994 Amendment Act 1996
  • Income Tax Act 1976 Amendment Act 1996
  • Tax Administration Amendment Act 1996
  • Social Security Amendment Act
  • Social Welfare (Transitional Provisions) Act 1996

This TIB deals only with the tax changes which have occurred; it does not cover the changes to the Social Welfare legislation.

The Finance Bill (No.6) was enacted on 1 July 1996. The bill became the Income Tax Act 1994 Amendment Act (No.2) and the Income Tax Act 1976 Amendment Act (No.2) This TIB is broken down into six parts and an appendix. The first five parts deal with the changes which have resulted from the Tax Reduction and Social Policy Bill. The sixth part deals with the changes resulting from the Finance Bill (No.6).

The appendix provides an in-depth analysis of the amendments to the tax treatment of foreign-sourced private pensions