Summary
Amends the
Income Tax (Transitional Provisions) Act 1997
and
Income Tax Assessment Act 1997
to provide transitional valuation arrangements for the 2001-02 income year for oyster farmers capturing oyster spat by the traditional stick farming method;
Income Tax Assessment Act 1997
to prevent double taxation where an amount is paid in respect of work in progress;
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
,
Income Tax (Transitional Provisions) Act 1997
and
New Business Tax System (Capital Allowances—Transitional and Consequential) Act 2001
in relation to the capital allowances system; and
Income Tax Assessment Act 1936
to enable the Commissioner to recover outstanding pay as you go withholding amounts by making an estimate of the debt. Also contains application provisions.