Summary
Amends the: Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 in relation to: company loss recoupment rules; and inclusion of film copyright in the general effective life depreciation of the uniform capital allowances provisions; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to replace the existing provisions relating to the distribution by Australian entities of foreign sourced income to foreign residents; Income Tax Assessment Act 1997 to deny deductions for expenditure incurred in relation to illegal activities; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997 and Taxation Laws Amendment Act (No. 3) 2003 to provide tax relief, in certain circumstances, for employees who participate in employee share schemes; Income Tax Assessment Act 1997 and Superannuation Guarantee (Administration) Act 1992 to offset a late payment of contributions against an employer’s superannuation guarantee charge; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Superannuation Guarantee (Administration) Act 1992 to clarify that superannuation guarantee is payable on back payments of wages.