Income Tax (Franking Deficit) Act 1987

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[Note: This Act was repealed by Act No. 111 of 2009 on 17 November 2009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

1 Short title [see Note 1]

2 Commencement [see Note 1]

3 Imposition of Tax

Notes

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

1  Short title [see Note 1]

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

2  Commencement [see Note 1]

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

3  Imposition of Tax

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

Notes to the Income 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

(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:

 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