NEW BUSINESS TAX SYSTEM (FRANKING DEFICIT TAX) ACT 2002 NO. 50, 2002 

NEW BUSINESS TAX SYSTEM (FRANKING DEFICIT TAX) ACT 2002 NO. 50, 2002 
- TABLE OF PROVISIONS

1.   Short title   
2.   Commencement   
3.   Definitions   
4.   Imposition of tax   
5.   Amount of tax   

NEW BUSINESS TAX SYSTEM (FRANKING DEFICIT TAX) ACT 2002 NO. 50, 2002
- LONG TITLE
[GRAPHIC]

New Business Tax System (Franking Deficit Tax) Act
2002

No. 50, 2002

An Act to impose franking deficit tax, and for related
purposes
  
  
  

NEW BUSINESS TAX SYSTEM (FRANKING DEFICIT TAX) ACT 2002 No. 50, 2002
- SECT 1   Short title 

 
        This Act may be cited as the New Business Tax System (Franking Deficit
Tax) Act 2002.

NEW BUSINESS TAX SYSTEM (FRANKING DEFICIT TAX) ACT 2002 No. 50, 2002
- SECT 2   Commencement 

 
        This Act commences on the day on which it receives the Royal Assent.

NEW BUSINESS TAX SYSTEM (FRANKING DEFICIT TAX) ACT 2002 No. 50, 2002
- SECT 3   Definitions 

 
        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.

NEW BUSINESS TAX SYSTEM (FRANKING DEFICIT TAX) ACT 2002 No. 50, 2002
- SECT 4   Imposition of tax 

 
        Franking deficit tax is imposed.

NEW BUSINESS TAX SYSTEM (FRANKING DEFICIT TAX) ACT 2002 No. 50, 2002
- SECT 5   Amount of tax 

 
        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.

NEW BUSINESS TAX SYSTEM (FRANKING DEFICIT TAX) ACT 2002 NO. 50, 2002
- NOTES
Compilation Information

[GRAPHIC]
New Business Tax System (Franking Deficit Tax) Act 2002
No. 50, 2002
An Act to impose franking deficit tax, and for related purposes
[Assented to 29 June 2002]
The Parliament of Australia enacts:

NEW BUSINESS TAX SYSTEM (FRANKING DEFICIT TAX) ACT 2002 NO. 50, 2002
- NOTES
Note
[Minister's second reading speech made in--
House of Representatives on 30 May 2002
Senate on 19 June 2002]

(120/02)