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; and alleviate unintended tax consequences that arise as a result of the transfer of life insurance business; 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: include government special schools, certain fire and emergency service bodies and certain other entities as specifically-listed deductible gift recipients; extend an existing transitional rule in the debt/equity rules for at-call loans to 30 June 2005; give irrigation water providers and rural land irrigation water providers access to the water facilities and landcare tax concessions; enable an administrator (in addition to a liquidator) to declare worthless shares and other equity interests for capital gains tax purposes; and amend the application of the first child tax offset provisions in relation to adoptive parents; Fringe Benefits Tax Assessment Act 1986 to extend the fringe benefits tax exemption to costs associated with purchase of a dwelling as a result of relocation; A New Tax System (Goods and Services Tax) Act 1999 to ensure the same GST treatment of property-related services to non-residents and residents; and Taxation Laws Amendment Act (No. 8) 2003 to correct a commencement provision.