Summary
Amends the:
Income Tax Assessment Act 1997
to: remove the capital gains tax trust cloning exception; provide a limited capital gains tax roll-over for the transfer of certain assets between trusts with the same beneficiaries; allow the roll-over of capital losses and transfer of revenue losses when complying superannuation funds merge; and update the list of deductible gift recipients;
Income Tax Assessment Act 1997
,
Tax Laws Amendment (2006 Measures No. 2) Act 2006
and
Superannuation Legislation Amendment (Simplification) Act 2007
to clarify the circumstances in which income derived by life insurance companies in respect of immediate annuity business qualifies as non-assessable non-exempt income;
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
to provide that the Income Recovery Subsidy for the North Western Queensland floods is not subject to income tax; and
Excise Act 1901
to provide that the blending of spirits constitutes excise manufacture.