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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) Bill
2002
No. ,
2002
(Treasury)
A Bill
for an Act to impose franking deficit tax, and for related
purposes
Contents
A Bill for an Act to impose franking deficit tax, and for
related purposes
The Parliament of Australia enacts:
This Act may be cited as the New Business Tax System (Franking Deficit
Tax) Act 2002.
This Act commences on the day on which it receives the Royal
Assent.
In this Act:
corporate tax entity has the same meaning as in the Income
Tax Assessment Act 1997.
franking account has the same meaning as in the Income Tax
Assessment Act 1997.
franking credit has the same meaning as in the Income Tax
Assessment Act 1997.
franking deficit has the same meaning as in the Income Tax
Assessment Act 1997.
franking deficit tax means franking deficit tax payable under
section 205-45 of the Income Tax Assessment Act 1997.
franking entity has the same meaning as in the Income Tax
Assessment Act 1997.
income year has the same meaning as in the Income Tax
Assessment Tax 1997.
Franking deficit tax is imposed.
The amount of franking deficit tax is equal to:
(a) in a case where a corporate tax entity is liable to pay franking
deficit tax because the entity has a franking deficit at the end of an income
year—the amount of the entity’s franking deficit at the end of the
income year; and
(b) in a case where a corporate tax entity is liable to pay franking
deficit tax 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.