Summary

Amends the: Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to provide tax exemptions for Australian residents receiving Second World War compensation payments from overseas funds; Income Tax Assessment Act 1997 to: update and simplify the listing of specifically-listed deductible gift recipients; allow deductions for cash donations to deductible gift recipients to be spread over a period of up to 5 years; and provide an automatic capital gains tax roll-over for financial services providers during the financial services reform transitional period; Crimes (Taxation Offences) Act 1980 to correct a technical deficiency with the deeming mechanism; and clarify the interpretation of offences under the Criminal Code; Income Tax (Transitional Provisions) Act 1997 to allow certain entities with foreign losses to be excluded from a consolidated group for a transitional period; A New Tax System (Goods and Services Tax) Act 1999 to ensure that certain supplies made as a result of the consolidation regime are not taxable supplies; Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to include imputation rules for life insurance companies; Income Tax Assessment Act 1936 to exclude from the overseas forces tax offset provisions periods of service for which an income tax exemption for foreign employment income is available; and Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to treat foreign hybrids as partnerships. Also makes technical amendments to 8 Acts to repeal redundant provisions and correct terminology, section references and cross-references and contains application and transitional provisions.