Federal Register of Legislation
New Business Tax System (Imputation) Act 2002
No. 48, 2002
An Act to amend the taxation law to implement a simplified imputation system, and for related purposes
Contents 1 Short title................................... 2 Commencement............................... 3 Schedule(s)..................................
Schedule 1—The simplified imputation system Income Tax Assessment Act 1997
Schedule 2—Consequential amendments of Chapter 6 (the Dictionary) of the Income Tax Assessment Act 1997
Schedule 3—Transitional provisions dealing with the application of Part IIIAA of the Income Tax Assessment Act 1936 Income Tax Assessment Act 1936 Income Tax (Transitional Provisions) Act 1997
Schedule 4—Transitional provisions dealing with the conversion of the franking account Income Tax Assessment Act 1936 Income Tax (Transitional Provisions) Act 1997
New Business Tax System (Imputation) Act 2002
No. 48, 2002
An Act to amend the taxation law to implement a simplified imputation system, and for related purposes
[Assented to 29 June 2002]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the New Business Tax System (Imputation) Act 2002.
2 Commencement
This Act commences on the day on which it receives the Royal Assent.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—The simplified imputation system
Income Tax Assessment Act 1997
1 After Part 3‑5 Insert:
Part 3‑6—The imputation system
Division 200—Guide to Part 3‑6
Guide to Division 200
200‑1 What this Division is about
This Division provides an overview of the imputation system.
Table of sections
200‑5 The imputation system 200‑10 Franking a distribution 200‑15 The franking account 200‑20 How a distribution is franked 200‑25 A corporate tax entity must not give its members credit for more tax than the entity has paid 200‑30 Benchmark rule 200‑35 Effect of receiving a franked distribution 200‑40 An Australian corporate tax entity can pass the benefit of having received a franked distribution on to its members 200‑45 Special rules for franking by some entities
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