Summary
Amends the:
A New Tax System (Goods and Services Tax) Act 1999
in relation to certain third party payment adjustments;
Income Tax Assessment Act 1997
in relation to: the capital gains tax (CGT) treatment of water entitlements and termination fees; foreign currency gains and losses; certain takeovers and mergers qualifying for CGT scrip for scrip rollover; and the list of deductible gift recipients;
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
,
Tax Laws Amendment (2010 Measures No. 1) Act 2010
and
Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009
in relation to: taxation of financial arrangements; and debt/equity rules;
Income Tax Assessment Act 1936
to: increase the threshold above which a taxpayer may claim the net medical expenses tax offset; and commence annually indexing the threshold to the Consumer Price Index; and
Income Tax Assessment Act 1997
and
Income Tax (Transitional Provisions) Act 1997
to extend access to tax deductible donations to all volunteer based emergency services, including volunteer fire brigades.