New Business Tax System (Over-franking Tax) Act 2002

The New Business Tax System (Over-franking Tax) Act 2002 (No. 49, 2002) is an Australian Act that imposes an over-fra nking tax, with the primary purpose of addressing related tax issues. The Act commences on the day it receives Royal Assent and defines "over-franking tax" as the tax payable under paragraph 203-50(1)(a) of the Income Tax Assessment Act 1997. The Act imposes over-franking tax and specifies that the amount of tax is equal to the amount worked out under paragraph 203-50(2)(a) of the Income Tax Assessment Act 1997.