Summary
Amends the: A New Tax System (Goods and Services Tax) Act 1999 in relation to certain third party payment adjustments; Income Tax Assessment Act 1997 in relation to: the capital gains tax (CGT) treatment of water entitlements and termination fees; foreign currency gains and losses; certain takeovers and mergers qualifying for CGT scrip for scrip rollover; and the list of deductible gift recipients; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, Tax Laws Amendment (2010 Measures No. 1) Act 2010 and Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 in relation to: taxation of financial arrangements; and debt/equity rules; Income Tax Assessment Act 1936 to: increase the threshold above which a taxpayer may claim the net medical expenses tax offset; and commence annually indexing the threshold to the Consumer Price Index; and Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to extend access to tax deductible donations to all volunteer based emergency services, including volunteer fire brigades.