Summary
Amends the Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, Taxation Administration Act 1953 and Income Tax (Transitional Provisions) Act 1997 in relation to: the operation of the general anti-avoidance rule; the application of the arm’s length principle in transfer pricing rules aligning with international transfer pricing standards; rules for trusts and partnerships; record keeping requirements and penalties; and consequential amendments.