Part of a package of three bills, the bill amends the taxation laws in relation to: foreign income tax offset rules; capital gains tax roll-over for medical defence organisations; superannuation funds investment in instalment warrants; updating the list of deductible gift recipients; increasing family trust flexibility; trustee beneficiary reporting rules; the transition to the simplified superannuation regime; and makes technical and other amendments in relation to: income tax deductibility for gifts to certain scholarship funds; the formula for the fringe benefit tax depreciation rate for a car; tax file number withholding from payments to certain exempt entities; and capital gains tax exemption for certain organisations. Also repeals the
A New Tax System (Ultimate Beneficiary Non-disclosure Tax) Act (No. 1) 1999 and
A New Tax System (Ultimate Beneficiary Non-disclosure Tax) Act (No. 2) 1999.