Summary
Amends the:
Income Tax Assessment Act 1997
to extend the marriage breakdown capital gains tax (CGT) roll-over to assets transferred under a binding financial agreement or an arbitral award;
Income Tax (Transitional Provisions) Act 1997
to clarify the interaction of the consolidation regime with the demerger rules;
Income Tax Assessment Act 1936
and
Income Tax Assessment Act 1997
to amend the simplified imputation system to ensure that Australian companies receive franking credits attached to non-assessable non-exempt distributions from New Zealand companies; and
Financial Corporations (Transfer of Assets and Liabilities) Act 1993
,
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
and
Income Tax (Transitional Provisions) Act 1997
in relation to the CGT treatment of foreign residents.