Summary

Amends the taxation laws in relation to: tax-exempt asset financing; thin capitalisation; capital gains tax marriage breakdown roll-over; income tax exemptions for the Prime Minister’s Prize for Australian History and Prize for Science; same business test cap removal; partial capital gains tax roll-over for statutory licenses; Australian property trusts and stapled securities; deductible gift recipients; film production offsets; tax deductibility for certain Australian research and development activities; and establishes Innovation Australia to administer innovation and venture capital programs.