Fed: Tax concessions cut 2000 2001 surplus $240 million

AAP General News (Australia)
04-13-2000
Fed: Tax concessions cut 2000 2001 surplus $240 million

The 2000/01 projected federal budget surplus has been effectively halved with the government
slashing projected revenue from business tax changes by $240 million.

Legislation introduced today by Treasurer PETER COSTELLO weakens the crackdown on contractors,
cutting the projected revenue gain by $190 million in 2000/2001 and $440 million over
three years.

The projected revenue from the crackdown on tax shelters and restrictions on losses
from non-commercial activities has also been cut by $50 million in 2000/2001 and $200
million in three years.

The government's revised November budget forecasts, which included revenue from tax
changes, projected a surplus of just $500 million for 2000/2001.

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KEYWORD: TAX SURPLUS (CANBERRA)

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