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Income Tax (Untainting Tax) Bill 1998
Bills Digest No. 215 1997-98
This Digest was prepared for debate. It reflects the legislation as introduced and does not canvass subsequent amendments. This Digest does not have any official legal status. Ot her sources should be consulted to determine the subsequent official status of the Bill.
For information on the tainting of share capit al accounts refer to the Digest for the Taxation Laws Amendment (Company Law Review) Bill 1998.
This Bill is necessary because of section 55 of the Constitution which provides that laws imposing taxation shall deal only with the imposition of taxation and provisions dealing with any other matter will be of no effect. As a result, when a tax is imposed it is necessary to have separate Bill to impose formally the tax.
Clause 3 of the Bill will impose formally the tax payable under the Taxation Laws Amendment (Company Law Review) Bill 1998.
15 May 1998
Bills Digest Service
Information and Research Services
This paper has been prepared for general distribution to Senators and Members of the Australian Parliament. Wh ile great care is taken to ensure that the paper is accurate and balanced, the paper is written using information publicly available at the time of production. The views expressed are those of the author and should not be attributed to the Information and Research Services (IRS). Advice on legislation or legal policy issues contained in this paper is provided for use in parliamentary debate and for related parliamentary purposes. This paper is not professional legal opinion. Readers are reminded that the paper is not an official parliamentary or Australian government document. IRS staff are available to discuss the paper's contents with Senators and Members and their staff but not with members of the public.