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

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

No. 49, 2002

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

[Assented to 29 June 2002]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the New Business Tax System (Over‑franking Tax) Act 2002.

2Commencement

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

3Definition

In this Act:

over‑franking tax means over‑franking tax payable under paragraph 203‑50(1)(a) of the Income Tax Assessment Act 1997.

4Imposition

Over‑franking tax is imposed.

5Amount 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]

(121/02)