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...................................

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

3 Definition...................................

4 Imposition..................................

5 Amount of over‑franking tax..................

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]