Summary

Amends the: Medicare Levy Act 1986 to increase the Medicare levy low income thresholds for individuals, married couples, sole parents and pensioners below age pension age; A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 to increase the Medicare levy surcharge low income threshold; Income Tax (Transitional Provisions) Act 1997 to modify the general value shifting regime; and membership rules for subsidiaries of multiple entry consolidated groups held through an interposed non-resident entity; Income Tax Assessment Act 1997 in relation to: cost setting rules for linked assets and liabilities and for partners and partnerships; and introduction of a new deductible gift recipient category of harm prevention charities; Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 in relation to transitional foreign-held membership structures; New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002[eigals] to make minor technical amendments; Taxation Administration Act 1953, Administrative Appeals Tribunal Act 1975, Fringe Benefits Tax Assessment Act 1986, Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to streamline procedures under which taxpayers can be released from a tax liability where payment would entail serious hardship; Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997, Taxation Administration Act 1953 and Taxation Laws Amendment Act (No. 3) 2003 to allow New Zealand companies to choose to enter the Australian imputation system; and A New Tax System (Goods and Services Tax) Act 1999 and A New Tax System (Goods and Services Tax Transition) Act 1999 to apply the goods and services tax insurance provisions to settlement of claims arising under a compulsory third party scheme. Also contains application and transitional provisions.