Summary
Amends the:
Income Tax Assessment Act 1936
to increase the research and development expenditure cap for eligibility to the tax offset from $1 million to $2 million;
A New Tax System (Australian Business Number) Act 1999
,
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
, and
Taxation Administration Act 1953
in relation to private ancillary funds;
Income Tax Assessment Act 1936
,
Income Tax Assessment Act 1997
and
Income Tax (Transitional Provisions) Act 1997
to provide capital gains tax relief to certain friendly societies; and
Income Tax Assessment Act 1936
in relation to losses transferred to the head company of a consolidated group by a joining entity. Also amends 15 Acts relating to taxation laws to make various minor amendments.