Summary
Amends the: Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to remove the taxing point at conversion or exchange of certain financial instruments; Income Tax Assessment Act 1997 to make technical corrections to the capital gains tax provisions to ensure that they operate as intended for convertible interests and rights; and Financial Corporations (Transfer of Assets and Liabilities) Act 1993, Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to clarify provisions relating to the tax treatment of foreign currency gains and losses. Also contains transitional provisions.