Federal Register of Legislation - Australian Government

Primary content

A Bill for an Act to impose a tax in relation to untainting tainted share capital accounts of companies
Administered by: Treasury
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 30 May 2006
Introduced HR 25 May 2006
Table of contents.

2004-2005-2006

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

New Business Tax System (Untainting Tax) Bill 2006

 

No.      , 2006

 

(Treasury)

 

 

 

A Bill for an Act to impose a tax in relation to untainting tainted share capital accounts of companies

  

  

  


Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 1

3............ Imposition of tax................................................................................ 2

 


A Bill for an Act to impose a tax in relation to untainting tainted share capital accounts of companies

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the New Business Tax System (Untainting Tax) Act 2006.

2  Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1.  Sections 1 and 2 and anything in this Act not elsewhere covered by this table

The day on which this Act receives the Royal Assent.

 

2.  Section 3

At the same time as Part 1 of Schedule 4 to the Tax Laws Amendment (2006 Measures No. 3) Act 2006 commences.

 

Note:          This table relates only to the provisions of this Act as originally passed by the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.

             (2)  Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.

3  Imposition of tax

                   Tax payable under section 197-60 of the Income Tax Assessment Act 1997 is imposed.