Summary
Amends: the
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
to: prevent shareholders of private companies accessing tax-free dividends from the provision of company assets for less than market value; and make consequential amendments; the
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
and
Taxation Administration Act 1953
to extend existing arrangements for tax file number withholding to cover closely held trusts; the
Income Tax Assessment Act 1997
to: provide that the HECS-HELP benefit is exempt from income tax; update the list of deductible gift recipients; and provide that the Global Carbon Capture and Storage Institute Limited is exempt from income tax for a four-year period; and 108 Acts to repeal certain unlimited periods for amending taxpayers’ assessments.