Summary
Amends the:
Income Tax Assessment Act 1997
to: reduce the amount of the capital gain or capital loss that will be subject to capital gains tax rules where Australian companies and controlled foreign companies sell shares in a foreign company with an underlying active business;
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
to extend the current exemptions for foreign branch profits and foreign dividends to all countries from 1 July 2004; and
Income Tax Assessment Act 1936
to reduce the scope of tainted services income. Also contains application and transitional provisions.