Federal Register of Legislation - Australian Government

Primary content

A Bill for an Act to impose overfranking tax, and for related purposes
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Introduced HR 30 May 2002

New Business Tax System (Over-franking Tax) Bill 2002
First Reading

2002

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

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

No. , 2002

(Treasury)

A Bill for an Act to impose over-franking tax, and for related purposes

Contents

1       Short title 1

2       Commencement 1

3       Definition 2

4       Imposition 2

5       Amount of over-franking tax 2

A Bill for an Act to impose over-franking tax, and for related purposes

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.