Income Tax Act rewrite: submission deadline near

31 March is the closing date for submissions on the exposure draft of rewritten parts of the Income Tax Act 1994. The three-volume draft, released in September, covers Parts A to E of the Act, definitions and consequential amendments. The original deadline of 30 November was extended, by request, to allow more time for considering the proposed changes. Plans are for the August introduction of a bill containing the rewritten legislation, with application from 2004-05. For information on making a submission see page 1 of volume 1 of Rewriting the Income Tax Act 1994: exposure draft.