An Act to amend the Income Tax (Franking Deficit) Act 1987

[Assented to 22 December 1993]

The Parliament of Australia enacts:

Short title etc.

1.(1)  This Act may be cited as the Income Tax (Franking Deficit) Amendment Act 1993.

(2)  In this Act, “Principal Act” means the Income Tax (Franking Deficit) Act 1987¹.

Commencement

2.    This Act commences, or is taken to have commenced, as the case requires, on the commencement of subsection 160AQJ(1A) of the Income Tax Assessment Act 1936.

Repeal of section and substitution of new section

3.    Section 3 of the Principal Act is repealed and the following section is substituted:

Imposition of tax

“3. Tax payable under section 160AQJ of the Income Tax Assessment Act 1936 is imposed.”.

NOTE

1. No. 59, 1987.

[Minister’s second reading speech made in—

House of Representatives on 29 September 1993

Senate on 27 October 1993]