EXPLANATORY STATEMENT
Statutory Rules 1988 No 169
Commonwealth Borrowing Levy Act 1987
Commonwealth Borrowing Levy Regulations (Amendment)
Section 8 of the Commonwealth Borrowing Levy Act 1987 (the Act) provides that the Governor-General may make regulations not inconsistent with the Act, prescribing matters required or permitted by the Act to be prescribed.
The Commonwealth Borrowing Levy Regulations (Amendment) exempts from the levy overdraft borrowings outstanding for 30 days or less, with effect from 1 July 1988 (Section 5 of the Act).
The calculation and payment of the levy on this class of borrowings involves an administrative effort that is excessive in terms of the receipts obtained. Accordingly, it is appropriate to exempt such borrowings from the levy.