Summary
Amends the: Income Tax Assessment Act 1936 to treat certain internal roll-overs as eligible termination payments; Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to make technical corrections and amendments in relation to the uniform capital allowances system; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997 and Taxation Administration Act 1953 to clarify the recognition and treatment of non-assessable non-exempt income amounts; Income Tax Assessment Act 1997 in relation to refundable tax offset rules; Taxation Administration Act 1953 to introduce new withholding obligations to apply to certain payments to foreign residents; Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to: apply pay as you go (PAYG) withholding to enterprise-to-enterprise transactions in Australia if no Australian Business Number (ABN) is quoted; and ensure that the relevant withholding rules have the same geographical application as the A New Tax System (Australian Business Number) Act 1999; and Fringe Benefits Tax Assessment Act 1986 and Income Tax Assessment Act 1997 to provide a fringe benefits tax exemption for certain payments to approved worker entitlement funds. Also contains application and transitional provisions.