Income Tax (Franking Deficit) Amendment Act 1995

No. 172 of 1995

CONTENTS

Section

1.        Short title

2.        Commencement

3.        Schedule

SCHEDULE

AMENDMENT OF THE INCOME TAX (FRANKING DEFICIT) ACT 1987

Income Tax (Franking Deficit) Amendment Act 1995

No. 172 of 1995

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

[Assented to 16 December 1995]

The Parliament of Australia enacts:

Short title

1.   This Act may be cited as the Income Tax (Franking Deficit) Amendment Act 1995.

Commencement

2.   This Act is taken to have commenced immediately after the commencement of item 92 of Schedule 2 to the Taxation Laws Amendment Act (No. 4) 1995.

Schedule

3.   The Act specified in the Schedule to this Act is amended in accordance with the applicable item in the Schedule.

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SCHEDULE                                                    Section 3

AMENDMENT OF THE INCOME TAX (FRANKING DEFICIT) ACT 1987

1. Section 3:

Repeal the section, substitute:

Imposition of Tax

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

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[Minister’s second reading speech made in—

House of Representatives on 24 October 1995

Senate on 13 November 1995]