New Business Tax System (Former Subsidiary Tax Imposition) Act 1999

Compilation: This is a compilation of the New Business Tax System (Former Subsidiary Tax Imposition) Act 1999 as amended and in force on 28 June 2013. It includes amendments up to Act No. 88, 2013.

Objective: The Act imposes a tax on certain members of a wholly-owned company group.

Key Provisions:

1. Imposes a tax on companies that were members of a wholly-owned group before the direct or indirect beneficial ownership referred to in paragraph 45-15(1)(f) or 45-20(1)(f) of the Income Tax Assessment Act 1997 was acquired.
2. The amount of tax is the lesser of:
- The outstanding amount of income tax payable by the former subsidiary
- The amount of income tax that would be payable by the former subsidiary for the income year in which the amount was included in its assessable income

Legislation History: The Act was enacted on 10 December 1999 and amended by the Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013.

Endnotes: The compilation includes endnotes providing information about amending Acts and instruments, amendment history, uncommenced amendments, and misdescribed amendments.

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