Summary
Amends: the Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to: prevent shareholders of private companies accessing tax-free dividends from the provision of company assets for less than market value; and make consequential amendments; the Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to extend existing arrangements for tax file number withholding to cover closely held trusts; the Income Tax Assessment Act 1997 to: provide that the HECS-HELP benefit is exempt from income tax; update the list of deductible gift recipients; and provide that the Global Carbon Capture and Storage Institute Limited is exempt from income tax for a four-year period; and 108 Acts to repeal certain unlimited periods for amending taxpayers’ assessments.