Summary
Amends the Income Tax (Transitional Provisions) Act 1997 and Income Tax Assessment Act 1997 to provide transitional valuation arrangements for the 2001-02 income year for oyster farmers capturing oyster spat by the traditional stick farming method; Income Tax Assessment Act 1997 to prevent double taxation where an amount is paid in respect of work in progress; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997 and New Business Tax System (Capital Allowances—Transitional and Consequential) Act 2001 in relation to the capital allowances system; and Income Tax Assessment Act 1936 to enable the Commissioner to recover outstanding pay as you go withholding amounts by making an estimate of the debt. Also contains application provisions.