Summary
Amends the:
Income Tax Assessment Act 1997
to: amend the statutory debt limits for the thin capitalisation rules; increase the
de minimis
threshold for thin capitalisation limits; provide for a new gearing debt test for inbound investors; prevent the double counting of certain non-taxable Australian real property assets that can distort the application of the Principal Asset Test; and clarify the meaning of ‘permanent establishment’;
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
to make non-portfolio returns on equity to Australian resident companies exempt of Australian income tax;
Income Tax Assessment Act 1997
and
Taxation Administration Act 1953
to require taxpayers to be issued with an annual tax receipt for the income tax assessed to them; and 15 Acts to make style changes, repeal redundant provisions, correct anomalous outcomes and make technical corrections.