Summary

Amends the: Income Tax Assessment Act 1997 to: provide for a 30% refundable tax offset in relation to the development of digital games in Australia; and update the list of deductible gift recipients; A New Tax System (Goods and Services Tax) Act 1999, A New Tax System (Goods and Services Tax) Regulations 2019 and Income Tax Assessment Act 1997 to clarify that certain digital currencies continue to be excluded from the income tax treatment of foreign currency; Fringe Benefits Tax Assessment Act 1986 to enable the commissioner to determine alternative records which may be kept and retained by employers for fringe benefit tax record keeping purposes; Income Tax (Transitional Provisions) Act 1997 to provide for temporary measures allowing certain small businesses to access 20% bonus deductions for eligible expenditure incurred on external training for employees, and expenses and depreciating assets for the purpose of digitising operations; Corporations Act 2001, Australian Securities and Investments Commission Act 2001 and Superannuation Industry (Supervision) Act 1993 to extend existing reporting and auditing requirements to registerable superannuation entities; Clean Energy Finance Corporation Act 2012 to: amend the definition of 'responsible ministers' and specify that the minister administering the Act is also the nominated minister unless determined otherwise in writing; credit the Clean Energy Finance Corporation (CEFC) Special Account with $11.5 billion after commencement of the amendments; and enable additional amounts to be credited to the CEFC Special Account through additional appropriations of the Parliament; and Income Tax Assessment (1997 Act) Regulations 2021, Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to: amend the definition of 'superannuation income stream'; provide a non-refundable tax offset for certain members of the Military Superannuation Benefits Scheme and Defence Force Retirement and Death Benefits Scheme; and specify eligibility criteria and a framework for a veterans’ superannuation (invalidity pension) tax offset.