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

No. 49, 2002

An Act to impose over-franking tax, and for related purposes

Contents

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

An Act to impose over-franking tax, and for related purposes

[Assented to 29 June 2002]

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.

[Minister’s second reading speech made in—

House of Representatives on 30 May 2002

Senate on 19 June 2002]