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New Business Tax System (Over-franking Tax) Bill 2002

 

 

 

 

 

New Business Tax System (Over-franking Tax) Act 2002

 

No. 49, 2002

 

 

 

 

 

An Act to impose over-franking tax, and for related purposes

   

   

   



Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 2

3............ Definition............................................................................................ 2

4............ Imposition.......................................................................................... 2

5............ Amount of over-franking tax.............................................................. 2

 



 

New Business Tax System (Over-franking Tax) Act 2002

No. 49, 2002

 

 

 

An Act to impose over-franking tax, and for related purposes

[ Assented to 29 June 2002 ]

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the New Business Tax System (Over-franking Tax) Act 2002 .

2   Commencement

                   This Act commences on the day on which it receives the Royal Assent.

3   Definition

                   In this Act:

over-franking tax means over-franking tax payable under paragraph 203-50(1)(a) of the Income Tax Assessment Act 1997 .

4   Imposition

                   Over-franking tax is imposed.

5   Amount of over-franking tax

                   The amount of the tax imposed by this Act is equal to the amount worked out under paragraph 203-50(2)(a) of the Income Tax Assessment Act 1997 .

 

 

 

[ Minister’s second reading speech made in—

House of Representatives on 30 May 2002

Senate on 19 June 2002 ]

 

(121/02)