Summary
Amends the:
Income Tax Assessment Act 1936
to: remove a tax deduction which arises upon repayment of principal under a concessional loan by certain privatised entities;
Income Tax Assessment Act 1997
to: introduce a new additional basic condition in relation to partnerships for the small business capital gains tax concessions; and limit tax deductions for losses or outgoings incurred that relate to holding vacant land;
Income Tax Assessment Act 1936
and
Taxation Administration Act 1953
to extend to family trusts the anti-avoidance rules that apply to other closely held trusts that undertake circular trust distributions;
Taxation Administration Act 1953
to: allow taxation officers to disclose the business tax debt information of a taxpayer to credit reporting bureaus certain circumstances; and enable the Australian Taxation Office to develop and/or administer a framework or system for electronic invoicing; and
Superannuation Guarantee (Administration) Act 1992
to ensure that an individual’s salary sacrifice contributions cannot be used to reduce an employer’s minimum superannuation guarantee contributions.