Summary
Amends the:
Income Tax Assessment Act 1936
to provide that, when determining if the multinational anti-avoidance law applies to a scheme, supplies made and income received by a closely related trust or partnership are treated as being made or received by a foreign entity;
Income Tax Assessment Act 1997
to: include additional conditions that must be satisfied to apply the small business capital gains tax concessions to capital gains; and provide an income tax exemption for payments made under the Defence Force Ombudsman Scheme in relation to abuse by Australian Defence Force personnel; and
Income Tax Assessment Act 1997
,
Taxation Administration Act 1953
and
Venture Capital Act 2002
to ensure that venture capital investment tax concessions are available for investments in fintech businesses.