Summary

Amends the: Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to: provide for income tax deductions for gifts to certain organisations; and enable co-operative companies to either frank distributions to shareholders or claim existing deductions for distributions of assessable income to shareholders; Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997 and Fringe Benefits Tax Assessment Act 1986 to take into account capital gains or losses while shares or rights are in an employee share trust; Income Tax Assessment Act 1936 to correct an anomaly in the reasonable benefit limit provisions; Petroleum Resource Rent Tax Assessment Act 1997 to: recognise expenditures associated with closing down a facility that has ceased to be used for a petroleum project but continues to be used under an infrastructure licence; and provide for uniform treatment of partial use arrangements. Also makes technical amendments to the Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and 11 other Acts; ensures that there are no taxation consequences as a result of the corporate conversion of AGL (Australian Gas Light Company) and its registration; and contains application and transitional provisions.