Summary
Amends the:
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
to increase flexibility for charitable funds, ancillary funds and prescribed private funds;
Income Tax Assessment Act 1936
to: reinstate the taxation of Australian companies with foreign branch income and gains from the operation of ships or aircraft in international traffic to that applying prior to the implementation of the
New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004
; and introduce a standard definition of a dependent child;
Taxation Administration Act 1953
to allow disclosure of relevant taxpayer information to the Corruption and Crime Commission of Western Australia; and
Fringe Benefits Tax Assessment Act 1986
to make a technical correction in relation to rebatable employer status of government institutions that are charitable institutions.