Summary
Amends the: Income Tax Assessment Act 1936 to: modify the foreign employment income exemption; and extend the operation of the 12-month rule for forestry managed investments to 30 June 2008; Income Tax Assessment Act 1997: to allow qualifying high budget television series to apply for the refundable film tax offset; and in relation to debt/equity rules; Income Tax Assessment Act 1997 and 3 other Acts to clarify the operation of the consolidation regime; Income Tax (Transitional Provisions) Act 1997 to make transitional arrangements in relation to the thin capitalisation regime; and Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and New Business Tax System (Debt and Equity) Act 2001 to make technical amendments in relation to debt/equity rules.