Summary
Amends the: Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to clarify the operation of the consolidation regime and the interaction of the regime with other areas of the tax law; Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997 and Taxation Administration Act 1953 to ensure that: copyright collecting societies are not taxed on copyright income they collect on behalf of members; and non-copyright income under prescribed limits is tax exempt; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, Taxation Administration Act 1953 and Taxation Laws Amendment Act (No. 8) 2003 to: further implement the simplified imputation system, including anti-avoidance rules in relation to exempt entities that are eligible for a refund of imputation credits; and to replace and update certain references and terminology; and Income Tax Assessment Act 1997 to: certain fire and emergency service bodies and other entities as specifically-listed deductible gift recipients; and extend an existing transitional rule in the debt/equity rules for at-call loans to 30 June 2005. Also contains application provisions.