Summary
Amends the:
Income Tax Assessment Act 1997
to: ensure that expenses incurred in gaining or producing a rebatable benefit are not deductible; provide that complying superannuation entities cannot account for gains and losses on certain assets on revenue account using the trading stock exception; and exempt from income tax ex-gratia payments to New Zealand non-protected special category visa holders for the floods that occurred in New South Wales and Queensland in early 2012;
Income Tax Assessment Act 1936
to commence the phase out of the dependent spouse tax offset by restricting eligibility for the offset to taxpayers with a dependent spouse born before 1 July 1952; and
Income Tax Assessment Act 1997
,
Minerals Resource Rent Tax Act 2012
, and
Taxation Administration Act 1953
to make technical amendments.