Summary

Amends the Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to introduce a 25 per cent entrepreneurs’ tax offset; Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to remove the current requirement for small businesses to use the simplified tax system (STS) accounting method; Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to: allow deferred tax liability currently available to employee share scheme holders to continue after a corporate restructure; and allow revocation of unused provisional certificates issued in respect of certain film projects; Fringe Benefits Tax Assessment Act 1986 to increase fringe benefits tax exemption thresholds for long service award benefits; Petroleum Resource Rent Tax Assessment Act 1987 to provide petroleum exploration incentives to encourage exploration in remote offshore areas; Income Tax Assessment Act 1936, 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 to ensure that roll-over relief available for partnerships under the uniform capital allowances regime is also available in relation to depreciating assets allocated to STS pools; Income Tax Assessment Act 1936 in relation to: family trust and interposed entity elections; and non-commercial loans from trustees and private companies. Also amends 19 Acts to make technical corrections.