- Date
-
17 Mar 2021
- Chamber
-
House of Representatives
- Status
-
Act
-
Portfolio
-
Treasury
- Summary
-
Amends the:
Income Tax Assessment Act 1997
to require a fund, authority or institution to be a registered charity or an Australian government agency, or be operated by a registered charity or an Australian government agency, to be entitled to a deductible gift recipient endorsement; Income Tax Assessment Act 1936
and Income Tax Assessment Act 1997
to remove the concessional tax treatment for offshore banking units (OBU); and Income Tax Assessment Act 1936
to: remove the ability of the minister to issue determinations or declarations that a person or entity is an OBU; and remove the withholding tax exemption for OBUs for interest (including interest consisting of gold) paid on or after 1 January 2024.