Commonwealth of Australia Bills Commonwealth of Australia Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
2002
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
New
Business Tax System (Franking Deficit Tax) Amendment Bill
2002
No. ,
2002
(Treasury)
A Bill
for an Act to amend the New Business Tax System (Franking Deficit Tax) Act
2002
Contents
New Business Tax System (Franking Deficit Tax) Act
2002 3
A Bill for an Act to amend the New Business Tax System
(Franking Deficit Tax) Act 2002
The Parliament of Australia enacts:
This Act may be cited as the New Business Tax System (Franking Deficit
Tax) Amendment Act 2002.
(1) Each provision of this Act specified in column 1 of the table
commences, or is taken to have commenced, on the day or at the time specified in
column 2 of the table.
|
Commencement information |
||
|---|---|---|
|
Column 1 |
Column 2 |
Column 3 |
|
Provision(s) |
Commencement |
Date/Details |
|
1. Sections 1 to 3 and anything in this Act not elsewhere covered by
this table |
The day on which this Act receives the Royal Assent |
|
|
2. Schedule 1 |
At the same time as Schedule 18 to the New Business Tax System
(Consolidation and Other Measures) Act (No. 1) 2002 commences |
|
Note: This table relates only to the provisions of this Act
as originally passed by the Parliament and assented to. It will not be expanded
to deal with provisions inserted in this Act after assent.
(2) Column 3 of the table is for additional information that is not part
of this Act. This information may be included in any published version of this
Act.
Each Act that is specified in a Schedule to this Act is amended or
repealed as set out in the applicable items in the Schedule concerned, and any
other item in a Schedule to this Act has effect according to its
terms.
New Business Tax System
(Franking Deficit Tax) Act 2002
1 Section 3 (definition of franking
deficit tax)
Repeal the definition, substitute:
franking deficit tax means:
(a) franking deficit tax payable under section 205-45 of the
Income Tax Assessment Act 1997; and
(b) franking deficit tax payable under section 205-25 of the
Income Tax (Transitional Provisions) Act 1997.
2 Paragraph 5(a)
After “franking deficit tax”, insert “under subsection
205-45(2) of the Income Tax Assessment Act 1997”.
3 Paragraph 5(b)
After “franking deficit tax”, insert “under subsection
205-45(3) of the Income Tax Assessment Act 1997”.
4 At the end of
section 5
Add:
; and (c) in a case where a corporate tax entity is liable to pay franking
deficit tax under subsection 205-25(2) of the Income Tax (Transitional
Provisions) Act 1997 because the entity has a franking deficit at the end of
30 June in the year 2003 or a later year—the amount of the
entity’s franking deficit at that time; and
(d) in a case where a corporate tax entity is liable to pay franking
deficit tax under subsection 205-25(3) of the Income Tax (Transitional
Provisions) Act 1997 because the entity has a franking deficit immediately
before it ceases to be a franking entity—the amount of the entity’s
franking deficit immediately before it ceases to be a franking entity.