Commonwealth: New Business Tax System (Over-franking Tax) Act 2002 (Cth)

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)