Summary

Introduced with the New Business Tax System (Untainting Tax) Bill 2006, the bill amends the:

and to extend eligibility for the beneficiary tax offset to farmers and small business owners in receipt of Cyclone Larry and Cyclone Monica income support payments, and to drought affected taxpayers in receipt of interim income support payments; , , and to ensure that a company’s share capital account will become tainted if it transfers certain amounts to that account; to: disregard for capital gains tax purposes any capital gain or capital loss resulting from government expense-reimbursing financial assistance; and establish five new deductible gift recipient categories; 6 Acts to provide an offset in respect of Medicare levy surcharge liability for taxpayers receiving an eligible lump sum payment in arrears; and to require superannuation providers to report details of superannuation contributions to the Australian Taxation Office; to exclude from reporting, fringe benefits provided to address certain employee personal security concerns; to prevent inappropriate use of pre-1 July 1988 superannuation funding credits; and to allow certain funds that raise money for other deductible gift recipients to obtain an Australian Business Number; to clarify goods and services tax charity and charitable retirement village concessions; and ensure that supplies of certain types of real property remain input taxed; to clarify that the reduced 4 year amendment period for income tax assessments involving tax avoidance applies from the 2004-05 financial year; and to increase the maximum amount of wine equalisation tax producer rebate claimable by a wine producer each financial year. Also provides tax-free status for certain payments to businesses adversely affected by Cyclone Larry and Cyclone Monica.