- Date
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29 Nov 2012
- Chamber
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House of Representatives
- Status
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Act
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Portfolio
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Treasury
- Summary
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Amends the:
Income Tax Assessment Act 1936
and Income Tax Assessment Act 1997
to clarify that native title benefits are not subject to income tax (including capital gains tax); Income Tax Assessment Act 1997
to: update the list of deductible gift recipients; extend the immediate deductibility of exploration and prospecting expenditure provided to mining and petroleum explorers to geothermal energy explorers; and clarify that the definition of ‘limited recourse debt’ includes arrangements where, in substance or effect, the debtor is not fully at risk in relation to the debt; Tax Laws Amendment (2011 Measures No. 5) Act 2011
to extend the interim streaming rules for managed investment trusts until the end of the 2013-14 financial year; Income Tax Assessment Act 1936
to apply an income test to the rebate for medical expenses from 1 July 2012; Fringe Benefits Tax Assessment Act 1986
to remove the concessional fringe benefits tax treatment for in-house fringe benefits accessed by way of salary packaging arrangements; and Retirement Savings Accounts Regulations 1997, Superannuation Industry (Supervision) Regulations 1994 and five Acts to make technical amendments.