Debits Tax Act 2002

 

Debits Tax Act 2002

CONTENTS

1.Short title1

2.Commencement2

3.Relationship with other Acts2

4.Meaning of terms2

5.Rates of tax2

Notes

Compilation table3

 

Debits Tax Act 2002

An Act to impose a tax on certain debits made to accounts kept with financial institutions.

1.Short title

This Act may be cited as the Debits Tax Act 2002.

2.Commencement

This Act comes into operation on the day on which the Taxation Administration Act 2003 comes into operation.

3.Relationship with other Acts

The Taxation Administration Act 2003 and the Debits Tax Assessment Act 2002 are to be read with this Act as if they formed a single Act.

4.Meaning of terms

The Glossaries at the end of the Debits Tax Assessment Act 2002 and the Taxation Administration Act 2003 define or affect the meaning of some of the words and expressions used in this Act and also affect the operation of other provisions.

5.Rates of tax

Debits tax is imposed at the rates shown in the table to this subsection according to the amount of the debit.

Debits tax rates

Amount of debit

Amount of debits tax

less than $1

nil

$1 — $99.99

$0.30

$100 — $499.99

$0.70

$500 — $4 999.99

$1.50

$5 000 — $9 999.99

$3.00

$10 000 or more

$4.00

 

Notes

1This is a compilation of the Debits Tax Act 2002. The following table contains information about that Act.

Compilation table

Short title

Number and Year

Assent

Commencement

Debits Tax Act 2002

49 of 2002

20 Mar 2003

1 Jul 2003 (see s. 2 and Gazette 27 Jun 2003 p. 2383)