Summary
Amends the:
Income Tax Assessment Act 1997
,
Income Tax Assessment Act 1936
and
Income Tax (Transitional Provisions) Act 1997
to amend the thin capitalisation regime;
Income Tax Assessment Act 1997
to: insert a capital gains tax roll-over for a trust restructuring into a company; and introduce statutory caps on the effective life for the calculation of the declined value of depreciating assets; and
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
to provide certain tax exemptions for temporary residents. Also contains application and transitional provisions.