New Business Tax System (Former Subsidiary Tax Imposition) Act 1999

1 Short title

This Act may be cited as the New Business Tax System (Former Subsidiary Tax Imposition) Act 1999.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Imposition

This section imposes a tax that is payable under Income Tax Assessment Act 1997 by a company that was a member of the wholly-owned group referred to in that section just before the time when the direct or indirect beneficial ownership referred to in paragraph 45-15(1)(f) or 45-20(1)(f) of that Act was acquired.section 45-25 of the

4 Amount of tax

The amount of the tax is an amount worked out under subsection (2) as if it were an amount of income tax payable by the company referred to in section 3.

The amount referred to in subsection (1) is the lesser of:

(a) the outstanding amount of income tax payable by the former subsidiary referred to in Income Tax Assessment Act 1997 (including any amount of general interest charge, or any amount of interest or penalty payable under former section 170AA, 207 or 207A of the Income Tax Assessment Act 1936, attributable to that amount); andsection 45-25 of the

the amount of income tax that would be payable by the former subsidiary for the income year in which the amount was included in its assessable income because of section 45-15 or 45-20 of that Act if:

that amount were its taxable income for the income year; and

it was not entitled to any tax offset for the income year;

including any amount of general interest charge, or any amount of interest or penalty payable under former Income Tax Assessment Act 1936, that would be attributable to that amount.section 170AA, 207 or 207A of the

The amount referred to in paragraph (2)(b) is reduced by any amount paid by a company (except the former subsidiary) that was a member of the former subsidiary’s former wholly-owned group.

Endnotes

Endnote 1—Legislation history

This endnote sets out details of the legislation history of the New Business Tax System (Former Subsidiary Tax Imposition) Act 1999.

Endnote 2—Amendment history

This endnote sets out the amendment history of the New Business Tax System (Former Subsidiary Tax Imposition) Act 1999.

Endnote 3—Uncommenced amendments [none]

There are no uncommenced amendments.

Endnote 4—Misdescribed amendments [none]

There are no misdescribed amendments.