Summary

Amends the: Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997 and Taxation Administration Act 1953 in relation to the operation of the income tax law affecting life insurance companies; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and 3 other Acts in relation to the consolidation regime; Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 in relation to: venture capital partnerships; and franked distributions received through certain partnerships and trusts; Fringe Benefits Tax Assessment Act 1986 in relation to fringe benefits tax (FBT) housing benefits; Income Tax Assessment Act 1997 in relation to: capital gains tax event K6 and demergers; deductions for United Medical Protection Limited support payments; and alienation of personal services income provisions; A New Tax System (Goods and Services Tax) Act 1999 in relation to compulsory third party schemes; Fringe Benefits Tax Assessment Act 1986 and Income Tax Assessment Act 1997 in relation to FBT treatment of public ambulance services; and Income Tax Assessment Act 1936 in relation to: taxation treatment of overseas superannuation payments; and technical corrections to foreign tax credit provisions. Also contains application and transitional provisions.