Bills Digest No. 215 1997-98
Income Tax (Untainting Tax) Bill 1998
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
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ISSN 1328-8091
© Commonwealth of Australia 1998
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Published by the Department of the Parliamentary Library, 1998.
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