WARNING:
This Digest was prepared for debate. It reflects the legislation as
introduced and does not canvass subsequent amendments. This Digest
does not have any official legal status. Other sources should be
consulted to determine the subsequent official status of the
Bill.
CONTENTS
Passage History
Purpose
Background
Main Provisions
Contact Officer and Copyright Details
Income Tax (Untainting Tax) Bill 1998
Date Introduced: 8 April 1998
House: House of Representatives
Portfolio: Treasury
Commencement: At the same time as Schedule 1 of the Taxation
Laws Amendment (Company Law Review) Bill 1998.
To impose
formally tax payable to untaint a company's share capital
account.
For information on the tainting of share capital
accounts refer to the Digest for the Taxation Laws Amendment
(Company Law Review) Bill 1998.
This Bill is necessary because of section 55 of
the Constitution which provides that laws imposing taxation shall
deal only with the imposition of taxation and provisions dealing
with any other matter will be of no effect. As a result, when a tax
is imposed it is necessary to have separate Bill to impose formally
the tax.
Clause 3 of the Bill will
impose formally the tax payable under the Taxation Laws Amendment
(Company Law Review) Bill 1998.
Chris Field
15 may 1998
Bills Digest Service
Information and Research Services
This paper has been prepared for general distribution to
Senators and Members of the Australian Parliament. While great care
is taken to ensure that the paper is accurate and balanced, the
paper is written using information publicly available at the time
of production. The views expressed are those of the author and
should not be attributed to the Information and Research Services
(IRS). Advice on legislation or legal policy issues contained in
this paper is provided for use in parliamentary debate and for
related parliamentary purposes. This paper is not professional
legal opinion. Readers are reminded that the paper is not an
official parliamentary or Australian government document.
IRS staff are available to discuss the paper's contents with
Senators and Members
and their staff but not with members of the public.
ISSN 1328-8091
© Commonwealth of Australia 1998
Except to the extent of the uses permitted under the
Copyright Act 1968, no part of this publication may be
reproduced or transmitted in any form or by any means, including
information storage and retrieval systems, without the prior
written consent of the Parliamentary Library, other than by Members
of the Australian Parliament in the course of their official
duties.
Published by the Department of the Parliamentary Library,
1998.
Back to top