Summary
Amends the
Fringe Benefits Tax Assessment Act 1986
,
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
to provide foreign source income tax exemptions for temporary residents;
Income Tax Assessment Act 1997
and
Income Tax (Transitional Provisions) Act 1997
to: allow deductions for certain business capital expenses and certain lease and licence-related payments; and amend the cost base for capital gains tax assets and cost rules for uniform capital allowances assets;
Taxation Administration Act 1953
and
Income Tax Assessment Act 1997
to: introduce a civil penalty regime to deter the promotion of tax avoidance and tax evasion schemes and the implementation of schemes in a materially different way to the relevant taxation product ruling; and provide for injunctions to stop promotion of schemes and enforcement of voluntary undertakings; and
A New Tax System (Goods and Services Tax) Act 1999
in relation to: goods and services tax (GST) and vouchers, including clarification that prepaid phone card products are “eligible vouchers” for the purposes of the Act; and GST attribution rules.