Part of a package of three bills, the bill amends the:
Income Tax Act 1986,
Income Tax Assessment Act 1936,
Income Tax Assessment Act 1997,
Income Tax (Transitional Provisions) Act 1997 and
Taxation Administration Act 1953 to introduce a new withholding tax regime for distributions of managed investment trust income to residents of countries with which Australia has effective exchange of information for tax matters; and
Income Tax Assessment Act 1997 to exempt from income tax the Prime Minister’s Literary Award.