Summary
Amends the:
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
to remove the taxing point at conversion or exchange of certain financial instruments;
Income Tax Assessment Act 1997
to make technical corrections to the capital gains tax provisions to ensure that they operate as intended for convertible interests and rights; and
Financial Corporations (Transfer of Assets and Liabilities) Act 1993
,
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
and
Taxation Administration Act 1953
to clarify provisions relating to the tax treatment of foreign currency gains and losses. Also contains transitional provisions.