Summary
Amends the:
Income Tax Assessment Act 1936
to treat certain internal roll-overs as eligible termination payments;
Income Tax Assessment Act 1997
and
Income Tax (Transitional Provisions) Act 1997
to make technical corrections and amendments in relation to the uniform capital allowances system;
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
,
Income Tax (Transitional Provisions) Act 1997
and
Taxation Administration Act 1953
to clarify the recognition and treatment of non-assessable non-exempt income amounts;
Income Tax Assessment Act 1997
in relation to refundable tax offset rules;
Taxation Administration Act 1953
to introduce new withholding obligations to apply to certain payments to foreign residents;
Income Tax Assessment Act 1997
and
Taxation Administration Act 1953
to: apply pay as you go (PAYG) withholding to enterprise-to-enterprise transactions in Australia if no Australian Business Number (ABN) is quoted; and ensure that the relevant withholding rules have the same geographical application as the
A New Tax System (Australian Business Number) Act 1999
; and
Fringe Benefits Tax Assessment Act 1986
and
Income Tax Assessment Act 1997
to provide a fringe benefits tax exemption for certain payments to approved worker entitlement funds. Also contains application and transitional provisions.