New Business Tax System (Over‑franking Tax) Act 2002
No. 49, 2002
An Act to impose over‑franking tax, and for related purposes
Contents
1 Short title...................................
2 Commencement...............................
3 Definition...................................
4 Imposition..................................
5 Amount of over‑franking tax..................
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:
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]
(121/02)