Summary

Amends the Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Taxation Laws Amendment Act (No. 7) 2000 in relation to: application of the thin capitalisation rules to securitisation vehicles and financial entities; record keeping requirements for permanent establishments; and revaluation of assets; Fringe Benefits Tax Assessment Act 1986 in relation to certain exemptions for public hospitals; Income Tax Rates 1986, Superannuation Contributions Tax (Assessment and Collection) Act 1997 and Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 to: reduce the effective tax rate on the excessive component of an eligible termination payment or death benefit from a superannuation fund; and reduce the amount of contributions subject to the superannuation surcharge; Income Tax Assessment Act 1997 to: remove an anomaly in the tests that apply to companies deducting prior year losses and bad debts written off; and reinstate certain deductible expenditure as a foreign dividend account debit; and Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to allow corporate tax entities to choose the amount of prior year losses they want to deduct in an income year. Also contains application provisions and a technical amendment.