Save Search

Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
  

Previous Fragment    Next Fragment
Wednesday, 1 October 1997
Page: 8937


Mr MILES (Parliamentary Secretary [Cabinet] to the Prime Minister)(4.51 p.m.) —I move:

That the bill be now read a second time.

This bill is the second of four bills which implement the proposed trust loss measures. This bill imposes the family trust distribution tax at a rate of 48.5 per cent of the amount or value of the relevant income or capital. In broad terms, the relevant income or capital is that given, by a family trust and some other entities in the family group, to persons who are not in the family group. Family trust distribution tax was mentioned in my speech on the Taxation Laws Amendment (Trust Loss and Other Deductions) Bill 1997 . I commend the bill to the House.

Debate (on motion by Mr Laurie Ferguson) adjourned.