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Thursday, 26 September 2002
Page: 7334


Mr SLIPPER (Parliamentary Secretary to the Minister for Finance and Administration) (10:33 AM) —I move:

That this bill be now read a second time.

The New Business Tax System (Franking Deficit Tax) Amendment Bill 2002 makes consequential amendments to the New Business Tax System (Franking Deficit Tax) Act 2002 that are required following the commencement of the new simplified imputation system on 1 July 2002. These amendments facilitate the transitional determination of franking deficit tax liability for late balancing companies.

Full details of the measures in this bill are contained in the explanatory memorandum, which I have tabled.

I commend this bill to the House.

Debate (on motion by Mr Snowdon) adjourned.