Summary
Amends the
Income Tax Assessment Act 1997
to: define ‘financial arrangement’ and sets out methods under which gains and losses from financial arrangements will be brought to account for tax purposes; and makes consequential amendments to the
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
,
New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003
, and
Taxation Administration Act 1953
.