[pic]







New Business Tax System (Untainting Tax) Act 2006


No. 81, 2006





An Act to impose a tax in relation to untainting tainted share capital
accounts of companies



Contents
           1     Short title 1
           2     Commencement     2
           3     Imposition of tax      2

[pic]



New Business Tax System (Untainting Tax) Act 2006

No. 81, 2006





An Act to impose a tax in relation to untainting tainted share capital
accounts of companies

[Assented to 30 June 2006]

The Parliament of Australia enacts:

1  Short title

            This Act may be cited as the New Business Tax System
         (Untainting Tax) Act 2006.

2  Commencement

      (1)   Each provision of this Act specified in column 1 of the table
         commences, or is taken to have commenced, in accordance with column
         2 of the table. Any other statement in column 2 has effect
         according to its terms.

|Commencement information                               |
|Column 1    |Column 2                     |Column 3   |
|Provision(s)|Commencement                 |Date/Detail|
|            |                             |s          |
|1.          |The day on which this Act    |30 June    |
|Sections 1  |receives the Royal Assent.   |2006       |
|and 2 and   |                             |           |
|anything in |                             |           |
|this Act not|                             |           |
|elsewhere   |                             |           |
|covered by  |                             |           |
|this table  |                             |           |
|2.          |At the same time as Part 1 of|30 June    |
|Section 3   |Schedule 4 to the Tax Laws   |2006       |
|            |Amendment (2006 Measures     |           |
|            |No. 3) Act 2006 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 contains additional information that is
         not part of this Act. Information in this column may be added to or
         edited in any published version of this Act.

3  Imposition of tax

            Tax payable under section 197-60 of the Income Tax Assessment
         Act 1997 is imposed.


[Minister's second reading speech made in-
House of Representatives on 25 May 2006
Senate on 15 June 2006]
(72/06)