Summary
Amends the: Income Tax Assessment Act 1936 to increase the research and development expenditure cap for eligibility to the tax offset from $1 million to $2 million; A New Tax System (Australian Business Number) Act 1999, Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, and Taxation Administration Act 1953 in relation to private ancillary funds; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to provide capital gains tax relief to certain friendly societies; and Income Tax Assessment Act 1936 in relation to losses transferred to the head company of a consolidated group by a joining entity. Also amends 15 Acts relating to taxation laws to make various minor amendments.