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Re-introduction and rewrite of the share capital tainting rules.

Publication date: 19 Jun 06 | Source: WEEKLY TAX BULLETIN

Issue: No. 25 2006

Pages: pp.966-968

Abstract:

The Tax Law Amnedment (2006 Measures No 3) Bill 2006 introduced in the House of Representatives on 25 May 2006, includes measures to implement the long-awaited re-introduction of the share capital tainting rules into the income tax law. This follows the repeal of the former share capital tainting rules with effect from 1 July 2002.

The New Business Tax System (Untainting Tax) Bill 2006, which was introduced on the same date, will impose untainting tax that is payable if a company wants to untaint its share capital account.

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Author profiles

Hamed TALIB
Hamed is Senior Manager, National Tax at Ernst & Young.
Current at October 2006 - Current at 09 October 2006
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Anthony Stolarek
Photo of author, Tony STOLAREK Tony engages with Australia's federal and state governments, Treasury and Taxation Office on tax policy and tax administration, through the EY Australia Tax Centre for Excellence. In his EY role and membership of the Institute of Chartered Accountants in Australia tax technical committee, he is heavily involved in submissions to government and the ATO on policy proposals, changes in the tax system and improving its administration and interpretation. Tony is an ICAA representative on the ATO National Tax Liaison Committee and various subcommittees and a member of the Law Council of Australia Business Law tax committee. He is also involved in the EY global Tax Policy Services network which has had significant focus on Base Erosion and Profit shifting in the last year. Tony is a member of the Treasury Special Reference Group relating to its scoping paper dealing with the Risks to Sustainability of the Corporate Tax Base. - Current at 06 October 2017
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