New Business Tax System (Untainting Tax) Act 2006

rong>Date: Assented to on 30 June 2006

Summary: The Act imposes a tax on untainted share capital accounts of companies, as specified in section 197-60 of the Income Tax Assessment Act 1997. The Act provides details on the commencement date of each provision, with some sections commencing on the day of Royal Assent and others commencing at the same time as Part 1 of Schedule 4 to the Tax Laws Amendment (2006 Measures No. 3) Act 2006.

This summary provides a gist of the document, highlighting the key points and main focus of the Act.