Summary
Amends the:
Income Tax Assessment Act 1997
to: enable individuals to consolidate multiple farm management deposits (FMD); and increase the taxable non-primary production income threshold;
Banking Act 1959
to exclude an FMD from becoming unclaimed moneys;
Income Tax (Transitional Provisions) Act 1997
to retrospectively clarify the tax treatment of FMDs that became unclaimed money;
A New Tax System (Goods and Services Tax) Act 1999
,
Income Tax Assessment Act 1936
and
Taxation Administration Act 1953
to: ensure that overpaid goods and services tax is only refundable in certain circumstances; and make consequential amendments; and
Taxation Administration Act 1953
to: enable merits review of certain commissioner’s decisions; and validate certain past objections and reviews.