Summary
Amends the
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
and
Taxation Laws Amendment Act (No. 7) 2000
in relation to: application of the thin capitalisation rules to securitisation vehicles and financial entities; record keeping requirements for permanent establishments; and revaluation of assets;
Fringe Benefits Tax Assessment Act 1986
in relation to certain exemptions for public hospitals;
Income Tax Rates 1986
,
Superannuation Contributions Tax (Assessment and Collection) Act 1997
and
Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997
to: reduce the effective tax rate on the excessive component of an eligible termination payment or death benefit from a superannuation fund; and reduce the amount of contributions subject to the superannuation surcharge;
Income Tax Assessment Act 1997
to: remove an anomaly in the tests that apply to companies deducting prior year losses and bad debts written off; and reinstate certain deductible expenditure as a foreign dividend account debit; and
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
and
Taxation Administration Act 1953
to allow corporate tax entities to choose the amount of prior year losses they want to deduct in an income year. Also contains application provisions and a technical amendment.