Summary
Amends the
Income Tax Assessment Act 1997
to: clarify the operation of the consolidation regime; clarify that certain not-for-profit organisations are not subject to tax on mutual receipts; ensure continued child care tax offset eligibility for parents who work less than 15 hours a week; update the list of deductible gift recipients (DGR); and extend the period for which deductions are allowed for gifts to a certain fund that has time-limited DGR status; and the
Income Tax Assessment Act 1936
to exclude cosmetic procedures from the medical expenses offset.