Summary

Introduced with the New Business Tax System (Untainting Tax) Bill 2006, the bill amends the: Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to extend eligibility for the beneficiary tax offset to farmers and small business owners in receipt of Cyclone Larry and Cyclone Monica income support payments, and to drought affected taxpayers in receipt of interim income support payments; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997 and Taxation Administration Act 1953 to ensure that a company’s share capital account will become tainted if it transfers certain amounts to that account; Income Tax Assessment Act 1997 to: disregard for capital gains tax purposes any capital gain or capital loss resulting from government expense-reimbursing financial assistance; and establish five new deductible gift recipient categories; 6 Acts to provide an offset in respect of Medicare levy surcharge liability for taxpayers receiving an eligible lump sum payment in arrears; Superannuation Guarantee (Administration) Act 1992 and Taxation Administration Act 1953 to require superannuation providers to report details of superannuation contributions to the Australian Taxation Office; Fringe Benefits Tax Assessment Act 1986 to exclude from reporting, fringe benefits provided to address certain employee personal security concerns; Income Tax Assessment Act 1936 to prevent inappropriate use of pre-1 July 1988 superannuation funding credits; A New Tax System (Australian Business Number) Act 1999 and A New Tax System (Goods and Services Tax) Act 1999 to allow certain funds that raise money for other deductible gift recipients to obtain an Australian Business Number; A New Tax System (Goods and Services Tax) Act 1999 to clarify goods and services tax charity and charitable retirement village concessions; and ensure that supplies of certain types of real property remain input taxed; Tax Laws Amendment (Improvements to Self Assessment) Act (No. 2) 2005 to clarify that the reduced 4 year amendment period for income tax assessments involving tax avoidance applies from the 2004-05 financial year; and A New Tax System (Wine Equalisation Tax) Act 1999 to increase the maximum amount of wine equalisation tax producer rebate claimable by a wine producer each financial year. Also provides tax-free status for certain payments to businesses adversely affected by Cyclone Larry and Cyclone Monica.