99-026-p01.pdf

General Government Debt Elimination Amendment Bill 1999




Explanatory note


This explanatory note relates to this Bill as introduced into Parliament.


This Bill is cognate with the Pay-roll Tax Amendment (Apprentices Concession and Rate Reduction) Bill 1999.




Overview of Bill


The object of this Bill is to amend the General Government Debt Elimination Act 1995 to require the Treasurer to consult with a panel consisting of accounting professionals and the Auditor-General before reporting to Parliament on departures in the budget from generally accepted accounting principles and Australian accounting standards.


Outline of provisions



Clause 1 sets out the name (also called the short title) of the proposed Act.

Clause 2 provides for the commencement of the proposed Act on the date of assent.

Clause 3 is a formal provision giving effect to the amendment to the General Government Debt Elimination Act 1995 set out in Schedule 1.

Note: If this Bill is not modified, these Explanatory Notes would reflect the Bill as passed in the House. If the Bill has been amended by Committee, these Explanatory Notes may not necessarily reflect the Bill as passed.

 

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