Income Tax (Franking Deficit) Act 1987 (Cth)

Income Tax (Franking Deficit) Act 1987

Act No. 59 of 1987 as amended

[Note: This Act was repealed by Act No. 111 of 2009 on 17 November 2009

For matters relating to the repeal of this Act see Act No. 111, 2009, Schedule 2 (items 14–17)]

This compilation was prepared on 17 October 2000

taking into account amendments up to Act No. 172 of 1995

The text of any of those amendments not in force

on that date is appended in the Notes section

Prepared by the Office of Legislative Drafting,

Attorney‑General’s Department, Canberra

      

Contents

An Act to impose a tax in respect of franking deficits of companies

1Short title [see Note 1]

This Act may be cited as the Income Tax (Franking Deficit) Act 1987.

2Commencement [see Note 1]

This Act shall come into operation on the day on which it receives the Royal Assent.

3Imposition of Tax

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

Notes to theIncome Tax (Franking Deficit) Act 1987

Note 1

The Income Tax (Franking Deficit) Act 1987 as shown in this compilation comprises Act No. 59, 1987 amended as indicated in the Tables below.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Income Tax (Franking Deficit) Act 1987	59, 1987	5 June 1987	5 June 1987
Income Tax (Franking Deficit) Amendment Act 1993	102, 1993	22 Dec 1993	24 Dec 1993 (see s. 2)	—
Income Tax (Franking Deficit) Amendment Act 1995	172, 1995	16 Dec 1995	(a)	—

(a) The Income Tax (Franking Deficit) Act 1987 was amended by the Income Tax (Franking Deficit) Amendment Act 1995, section 2 of which provides as follows:

1. 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.

Item 92 of Schedule 2 to the Taxation Laws Amendment Act (No. 4) 1995 is taken to have commenced on 1 July 1995.

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
S. 3.........................................	rs. No. 102, 1993; No. 172, 1995