Document ID: chunk:federal_register_of_legislation:C2013C00447:section:4
Version: federal_register_of_legislation:C2013C00447
Segment Type: section
Provision Reference: s 4
Character Range: 2279–5093

4  Amount of tax
 (1) The amount of the tax is an amount worked out under subsection (2) as if it were an amount of income tax payable by the company referred to in section 3.
 (2) The amount referred to in subsection (1) is the lesser of:
 (a) the outstanding amount of income tax payable by the former subsidiary referred to in section 45‑25 of the Income Tax Assessment Act 1997 (including any amount of general interest charge, or any amount of interest or penalty payable under former section 170AA, 207 or 207A of the Income Tax Assessment Act 1936, attributable to that amount); and
 (b) 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 because of section 45‑15 or 45‑20 of that Act if:
 (i) that amount were its taxable income for the income year; and
 (ii) it was not entitled to any tax offset for the income year;
  including any amount of general interest charge, or any amount of interest or penalty payable under former section 170AA, 207 or 207A of the Income Tax Assessment Act 1936, that would be attributable to that amount.
 (3) The amount referred to in paragraph (2)(b) is reduced by any amount paid by a company (except the former subsidiary) that was a member of the former subsidiary's former wholly‑owned group.

Endnotes

Endnote 1—Legislation history
This endnote sets out details of the legislation history of the New Business Tax System (Former Subsidiary Tax Imposition) Act 1999.

Act                                                                   Number and year  Assent date   Commencement                         Application, saving and transitional provisions
                                                                                                     date
New Business Tax System (Former Subsidiary Tax Imposition) Act 1999   166, 1999        10 Dec 1999   10 Dec 1999
Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013  88, 2013         28 June 2013  Schedule 7 (item 222): Royal Assent  —

Endnote 2—Amendment history
This endnote sets out the amendment history of the New Business Tax System (Former Subsidiary Tax Imposition) Act 1999.

ad. = added or inserted    am. = amended    rep. = repealed    rs. = repealed and substituted    exp. = expired or ceased to have effect
Provision affected                                                                                                                        How affected
s. 4.....................                                                                                                                 am. No. 88, 2013

Endnote 3—Uncommenced amendments [none]
There are no uncommenced amendments.

Endnote 4—Misdescribed amendments [none]
There are no misdescribed amendments.