Summary
Amends the: Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 in relation to: the tax treatment of dividends received by foreign-owned branches; and changes to the controlled foreign companies rules; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 in relation to tax treatment of Australian branches of foreign financial entities; Fringe Benefits Tax Assessment Act 1986, Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 in relation to cross-border employee shares and rights; and New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004 to make a technical correction to an application rule.