Summary
Amends the
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
in relation to franking of non-share dividends;
Income Tax Assessment Act 1997
,
Income Tax (Transitional Provisions) Act 1997
and
Taxation Administration Act 1953
in relation to the consolidation regime by: clarifying the cost setting rules; ensuring that multiple entry consolidated groups are given the same treatment as consolidated groups; and enabling the transfer of unapplied excess franking deficit tax (FDT) offsets;
Income Tax Assessment Act 1997
in relation to: income tax deductions for certain conservation covenants; and endorsement of perpetual bodies as deductible gift recipients;
Fringe Benefits Tax Assessment Act 1986
in relation to the fringe benefits tax deemed depreciation rate for cars;
Income Tax Assessment Act 1936
to clarify eligibility rules for the farm management deposits scheme;
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
,
Income Tax (Transitional Provisions) Act 1997
and
Taxation Administration Act 1953
to insert rules in the simplified imputation system for offsetting FDT against company tax. Also contains application and transitional provisions.