Summary
Amends the:
Medicare Levy Act 1986
to increase the Medicare levy low income thresholds for individuals, married couples, sole parents and pensioners below age pension age;
A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999
to increase the Medicare levy surcharge low income threshold;
Income Tax (Transitional Provisions) Act 1997
to modify the general value shifting regime; and membership rules for subsidiaries of multiple entry consolidated groups held through an interposed non-resident entity;
Income Tax Assessment Act 1997
in relation to: cost setting rules for linked assets and liabilities and for partners and partnerships; and introduction of a new deductible gift recipient category of harm prevention charities;
Income Tax Assessment Act 1997
and
Income Tax (Transitional Provisions) Act 1997
in relation to transitional foreign-held membership structures;
New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002[eigals] to make minor technical amendments;
Taxation Administration Act 1953
,
Administrative Appeals Tribunal Act 1975
,
Fringe Benefits Tax Assessment Act 1986
,
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
to streamline procedures under which taxpayers can be released from a tax liability where payment would entail serious hardship;
Income Tax Assessment Act 1997
,
Income Tax (Transitional Provisions) Act 1997
,
Taxation Administration Act 1953
and
Taxation Laws Amendment Act (No. 3) 2003
to allow New Zealand companies to choose to enter the Australian imputation system; and
A New Tax System (Goods and Services Tax) Act 1999
and
A New Tax System (Goods and Services Tax Transition) Act 1999
to apply the goods and services tax insurance provisions to settlement of claims arising under a compulsory third party scheme. Also contains application and transitional provisions.