Summary
Amends the:
Income Tax Assessment Act 1997
to: exempt from income tax ex-gratia lump sum payments made to certain F-111 aircraft maintenance personnel; update the list of deductible gift recipients; extend the scope of what is considered to be a compulsory acquisition for capital gains tax and uniform capital allowance purposes; and rewrite the tax offsets priority rules;
Income Tax Assessment Act 1997
and
Income Tax (Transitional Provisions) Act 1997
in relation to: capital gains tax treatment of options; and franking deficit tax offset;
Superannuation Guarantee (Administration) Act 1992
in relation to choice of superannuation fund for employees of constitutional corporations; and 27 Acts to make technical corrections and minor amendments, including removing duplicated definitions, correcting asterisked defined terms, correcting numbering and referencing, updating outdated guide material and correcting typographical and drafting errors.