Summary
Amends the:
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
to: provide for income tax deductions for gifts to certain organisations; and enable co-operative companies to either frank distributions to shareholders or claim existing deductions for distributions of assessable income to shareholders;
Income Tax Assessment Act 1997
,
Income Tax (Transitional Provisions) Act 1997
and
Fringe Benefits Tax Assessment Act 1986
to take into account capital gains or losses while shares or rights are in an employee share trust;
Income Tax Assessment Act 1936
to correct an anomaly in the reasonable benefit limit provisions;
Petroleum Resource Rent Tax Assessment Act 1997
to: recognise expenditures associated with closing down a facility that has ceased to be used for a petroleum project but continues to be used under an infrastructure licence; and provide for uniform treatment of partial use arrangements. Also makes technical amendments to the
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
and 11 other Acts; ensures that there are no taxation consequences as a result of the corporate conversion of AGL (Australian Gas Light Company) and its registration; and contains application and transitional provisions.