2008-2009
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Income Tax (TFN Withholding Tax
(ESS)) Bill 2009
No. , 2009
(Treasury)
A Bill for an Act to impose tax on certain amounts
relating to employee share schemes, and for related
purposes
i Income Tax (TFN Withholding Tax (ESS)) Bill 2009 No. , 2009
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3
Imposition of tax ................................................................................ 2
4 Rate
of
tax
..........................................................................................
2
Income Tax (TFN Withholding Tax (ESS)) Bill 2009 No. , 2009 1
A Bill for an Act to impose tax on certain amounts
1
relating to employee share schemes, and for related
2
purposes
3
The Parliament of Australia enacts:
4
5
6
1 Short title
7
This Act may be cited as the Income Tax (TFN Withholding Tax
8
(ESS)) Act 2009.
9
2 Commencement
10
(1) Each provision of this Act specified in column 1 of the table
11
commences, or is taken to have commenced, in accordance with
12
Section 3
2 Income Tax (TFN Withholding Tax (ESS)) Bill 2009 No. , 2009
column 2 of the table. Any other statement in column 2 has effect
1
according to its terms.
2
3
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 and
2 and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Sections 3 and
4
At the same time as Schedule 1 to the Tax
Laws Amendment (2009 Budget Measures
No. 2) Act 2009 commences.
Note:
This table relates only to the provisions of this Act as originally
4
passed by both Houses of the Parliament and assented to. It will not be
5
expanded to deal with provisions inserted in this Act after assent.
6
(2) Column 3 of the table contains additional information that is not
7
part of this Act. Information in this column may be added to or
8
edited in any published version of this Act.
9
3 Imposition of tax
10
The tax known as income tax, to the extent that that tax is payable
11
by an entity in accordance with section 14-155 in Schedule 1 to the
12
Taxation Administration Act 1953, is imposed on amounts
13
mentioned in paragraph (1)(b) of that section.
14
4 Rate of tax
15
The rate of tax imposed by this Act on such an amount is worked
16
out using the following formula:
17
Highest rate specified in the table in Part I of
1.5%
Schedule 7 to the Income Tax Rates Act 1986 +
18
Commonwealth of Australia Bills