Prior to 1987-88, the Commonwealth raised a considerable amount of debt on behalf of the States under Loan Council arrangements. With the States raising much of their own debt from the early 1980s, the Commonwealth ceased borrowing on their behalf as from 1988. However, a substantial amount of Commonwealth debt on behalf of the States remains outstanding. At the 1990 Special Premiers' Conference, it was agreed that the States would make accelerated debt sinking fund payments to the Commonwealth to redeem all outstanding debt by the year 2005-06. Thus, the stream of debt repayments will continue for some years yet, notwithstanding the total repayment of debt by Queensland and Victoria in 1995-96.
Taxation administration involves a major web of activities in the Australian taxation system.
The objectives of taxation administration are to collect efficiently and effectively the revenue properly payable, while ensuring that clients are aware of their obligations and their compliance costs are reduced. Election Commitments Other measures announced in the Budget involving taxation administration were pursuant to the Government's election commitments. Further consideration of other FBT matters like entertainment, car parking and the issue of aligning the FBT and income tax years will be made pursuant to the Taskforce's report. Also the Government will not be proceeding with amendments to the PAYE provisions of the tax law proposed by the previous Government. The Child Support Agency assists the payment of Child Support between payers and payees for the benefit of children.