Federal Register of Legislation - Australian Government

Primary content

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

Act No. 49 of 2002 as made
An Act to impose over-franking tax, and for related purposes
Administered by: Treasury
Originating Bill: New Business Tax System (Over-franking Tax) Bill 2002
Date of Assent 29 Jun 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............................................................................................ 2

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)