Summary

Amends the: International Tax Agreements Act 1953 to: give legislative authority to the Convention between Australia and Iceland for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance; and make minor amendments to update various notes; Income Tax Assessment Act 1997 to: exempt certain subsidiaries of the Future Fund Board from income tax and include them as entities eligible for a refund of a tax offset relating to a franked distribution; and transfer administration of three register deductible gift recipient categories and the Overseas Aid Gift Deduction Scheme to the Commissioner of Taxation; Customs Act 1901 and Excise Act 1901 to enable an eligible business entity liable for excise duty for excisable goods or customs duty for excise-equivalent goods, being fuel and alcohol, to align their excise returns and customs returns with the return period for other indirect taxes which are separately lodged through a business activity statement; Excise Act 1901 to provide that the repackaging of beer that would otherwise be excise manufacture is not taken to be the manufacture of beer if it meets certain requirements; and Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to make consequential amendments.