Summary
Amends: the Income Tax Assessment Act 1997, Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 and Superannuation (Unclaimed Money and Lost Members) Act 1999 to provide that income tax is generally not payable on the interest paid by the Commonwealth on unclaimed money from 1 July 2013; the Fringe Benefits Tax Assessment Act 1986 to: align the airline transport fringe benefits rules with the in-house property and in-house residual fringe benefit provisions; and update the method for determining the taxable value of airline transport fringe benefits; the Income Tax Assessment Act 1997 to enable participants in the Sustainable Rural Water Use and Infrastructure Program to choose to make payments they derive under the program free of income tax, with expenditure related to infrastructure improvements required under the program then being non-deductible; the Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, Income (Transitional Provisions) Act 1997 and Taxation Administration Act 1953 to: enable corporate tax entities to carry-back losses to previous income years; and make consequential amendments; and 18 Acts to make technical amendments.