Summary
Amends the: Income Tax Assessment Act 1997, Income Tax Assessment Act 1936 and Income Tax (Transitional Provisions) Act 1997 to amend the thin capitalisation regime; Income Tax Assessment Act 1997 to: insert a capital gains tax roll-over for a trust restructuring into a company; and introduce statutory caps on the effective life for the calculation of the declined value of depreciating assets; and Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to provide certain tax exemptions for temporary residents. Also contains application and transitional provisions.