New Business Tax System (Franking Deficit Tax) Bill 2002

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
40

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Summary

Part of a package of three bills to introduce a simplified imputation system, the bill imposes a franking deficit tax on companies that over-impute franking credits when making franked distributions to shareholders.

Progress

House of Representatives
Introduced and read a first time 30 May 2002
Second reading moved 30 May 2002
Second reading agreed to 06 Jun 2002
Third reading agreed to 06 Jun 2002
Senate
Introduced and read a first time 19 Jun 2002
Second reading moved 19 Jun 2002
Second reading agreed to 27 Jun 2002
(After Midnight)
Third reading agreed to 27 Jun 2002
(After Midnight)
Assent
  • Act no.: 48
  • Year: 2002
29 Jun 2002

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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