Summary
Amends the: Income Tax Assessment Act 1936 in relation to: imputation (consequential on company rate changes); intercorporate dividend rebates for prescribed dual resident companies; eligibility for the senior Australians tax offset; franking rebates for exempt institutions; and a new demutualisation method for non-insurance mutual entities; Income Tax Assessment Act 1997 in relation to: certain investment income received by friendly societies; calculation of the capital component of ordinary life insurance investment policies; demutualisation of Tower Corporation; Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 in relation to: income tax deductions for gifts to certain organisations; capital gains tax same asset rollovers; refunds of excess imputation credits; and technical amendments; and Medicare Levy Act 1986 to correct cross-references. Also makes technical amendments to 24 Acts, repeals certain provisions of 13 Acts and contains application provisions.