Commonwealth act

Taxation (Unpaid Company Tax—Vendors) Act 1982

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

120 of 1982

Collection

act

Plain English Summary

2/10 complexity

This Act makes a seller of private company shares personally liable for any unpaid company tax when a vendor’s taxable amount is determined under the companion Assessment Act. It does not recalculate tax itself but legally imposes payment of the assessed vendor amount, fulfilling a constitutional separation between imposition and assessment to prevent sellers escaping a company’s tax debts.

JSON API Tax / GST / superannuation

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Taxation (Unpaid Company Tax—Vendors) Act 1982.

Taxation (Unpaid Company Tax—Vendors) Act 1982

1.jpg

Taxation (Unpaid Company Tax—Vendors) Act 1982

No. 120 of 1982

An Act to impose a tax in respect of certain unpaid company tax

[Assented to 13 December 1982]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title

This Act may be cited as the Taxation (Unpaid Company Tax—Vendors) Act 1982.

Commencement

This Act shall come into operation on the day on which the Taxation (Unpaid Company Tax) Assessment Act 1982 comes into operation.

Incorporation

The Taxation (Unpaid Company Tax) Assessment Act 1982 is incorporated and shall be read as one with this Act.

Imposition of tax

Where at any time a vendors taxable amount exists under the Taxation (Unpaid Company Tax) Assessment Act 1982, tax is imposed, and shall be levied and paid, on that vendors taxable amount.

Amount of tax

5. The amount of the tax imposed by this Act in respect of a vendors taxable amount is an amount equal to the vendors taxable amount.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Taxation (Unpaid Company Tax—Vendors) Act 1982

Taxation (Unpaid Company Tax—Vendors) Act 1982

No. 120 of 1982

An Act to impose a tax in respect of certain unpaid company tax

[Assented to 13 December 1982]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title

This Act may be cited as the Taxation (Unpaid Company Tax—Vendors) Act 1982.

Commencement

This Act shall come into operation on the day on which the Taxation (Unpaid Company Tax) Assessment Act 1982 comes into operation.

Incorporation

The Taxation (Unpaid Company Tax) Assessment Act 1982 is incorporated and shall be read as one with this Act.

Imposition of tax

Where at any time a vendors taxable amount exists under the Taxation (Unpaid Company Tax) Assessment Act 1982, tax is imposed, and shall be levied and paid, on that vendors taxable amount.

Amount of tax

5. The amount of the tax imposed by this Act in respect of a vendors taxable amount is an amount equal to the vendors taxable amount.