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]