Summary
Part of a package of three bills in relation to alienation of personal services income, the bill amends the:
Income Tax Assessment Act 1997
to introduce new rules for the income tax treatment of certain personal services income to prevent individuals reducing their tax by diverting the income generated by their personal services to a company, partnership or trust and limit work-related deductions available in those cases;
Taxation Administration Act 1953
to apply the Pay As You Go withholding system to personal services income paid to interposed entities, including deductions allowed against that income; and
Child Support (Registration and Collection) Act 1988
,
Fringe Benefits Tax Assessment Act 1986
and
Income Tax Assessment Act 1936
to make consequential amendments. Also contains application and transitional provisions.