Income Tax (Transitional Provisions) Act 1997

'The Income Tax (Transitional Provisions) Act 1997' compilation provides a comprehensive overview of the transitional provisions of the Income Tax Assessment Act 1997. The document includes amendments made up to Act No. 52, 2024, and is registered on July 11, 2024.

The compilation covers various aspects of income tax, including liability rules, deductions, capital allowances, and non-assessable income. It also provides specialist liability rules for capital gains and losses, CGT assets, and acquisition of CGT assets.

Key provisions include the application of Division 25 of the Income Tax Assessment Act 1997 to certain items of assessable income, the deduction of certain expenses, and the rules about deductibility of particular kinds of amounts. Additionally, the document covers non-assessable income, including exempt entities, exempt amounts, and exemptions from taxation.

The compilation also addresses issues related to pre-10 May 2006 entitlements to life benefit termination payments, employee share schemes, and specialist liability rules for capital gains and losses. Furthermore, it includes provisions related to cost base and reduced cost base, modifications to cost base and reduced cost base, and indexation of cost base.

Overall, the Income Tax (Transitional Provisions) Act 1997 compilation provides a detailed and comprehensive framework for understanding the transitional provisions of the Income Tax Assessment Act 1997.