Franchise Fees Windfall Tax (Consequential Amendments) Act 1997

No. 134, 1997

Franchise Fees Windfall Tax (Consequential Amendments) Act 1997

No. 134, 1997

An Act to make consequential amendments related to franchise fees windfall tax

Contents

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

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

3 Schedule(s).................................2

4 Application of amendments........................2

Schedule 1—Amendments 3

Income Tax Assessment Act 1936 3

Income Tax Assessment Act 1997 3

Franchise Fees Windfall Tax (Consequential Amendments) Act 1997

No. 134, 1997

An Act to make consequential amendments related to franchise fees windfall tax

Assented to 19 September 1997

The Parliament of Australia enacts:

1  Short title

  This Act may be cited as the Franchise Fees Windfall Tax (Consequential Amendments) Act 1997.

2  Commencement

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

3  Schedule(s)

  Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

4  Application of amendments

 (1) The amendments of the Income Tax Assessment Act 1936 apply to the 1996-97 year of income.

 (2) The amendments of the Income Tax Assessment Act 1997 apply to the 1997-98 year of income and to all later years of income.

Schedule 1—Amendments

Income Tax Assessment Act 1936

1  After paragraph 23(ke)

Insert:

 (kf) taxable amounts on which tax is imposed by the Franchise Fees Windfall Tax (Imposition) Act 1997;

2  At the end of section 51

Add:

 (10) A deduction is not allowable under subsection (1) in respect of tax imposed by the Franchise Fees Windfall Tax (Imposition) Act 1997.

Income Tax Assessment Act 1997

3  Section 11-10 (after table item headed “foreign aspects of income taxation”)

Insert:

4  Section 12-5 (after table item headed “foreign tax credits”)

Insert:

5  After section 26-10

Insert:

26-15  Franchise fees windfall tax

  You cannot deduct under this Act any tax that is imposed by the Franchise Fees Windfall Tax (Imposition) Act 1997.

6  After section 51-45

Insert:

51-48  Taxable amounts relating to franchise fees windfall tax

  Taxable amounts on which tax is imposed by the Franchise Fees Windfall Tax (Imposition) Act 1997 are exempt from income tax.

Minister’s second reading speech made in

House of Representatives on 28 August 1997

Senate on 3 September 1997