Summary
Amends the: Income Tax Assessment Act 1936 to provide that, when determining if the multinational anti-avoidance law applies to a scheme, supplies made and income received by a closely related trust or partnership are treated as being made or received by a foreign entity; Income Tax Assessment Act 1997 to: include additional conditions that must be satisfied to apply the small business capital gains tax concessions to capital gains; and provide an income tax exemption for payments made under the Defence Force Ombudsman Scheme in relation to abuse by Australian Defence Force personnel; and Income Tax Assessment Act 1997, Taxation Administration Act 1953 and Venture Capital Act 2002 to ensure that venture capital investment tax concessions are available for investments in fintech businesses.