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A New Tax System (Ultimate Beneficiary Non-disclosure Tax) Bill (No. 1) 1999

1998-99

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

A New Tax System (Ultimate Beneficiary Non-disclosure Tax) Bill (No. 1) 1999

 

No.      , 1999

 

(Treasury)

 

 

 

A Bill for an Act to implement A New Tax System by imposing ultimate beneficiary non-disclosure tax, and for related purposes

   

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Imposition of ultimate beneficiary non-disclosure tax......................... 2

4............ Rate of ultimate beneficiary non-disclosure tax................................... 2

 



A Bill for an Act to implement A New Tax System by imposing ultimate beneficiary non-disclosure tax, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the A New Tax System (Ultimate Beneficiary Non-disclosure Tax) Act (No. 1) 1999 .

2   Commencement

                   This Act commences, or is taken to have commenced, on the day on which the A New Tax System (Closely Held Trusts) Act 1999 commences.

3   Imposition of ultimate beneficiary non-disclosure tax

                   Tax payable under paragraph 102UK(2)(a) of the Income Tax Assessment Act 1936 is imposed on the whole or the part of a share of the net income of a trust as mentioned in that paragraph.

4   Rate of ultimate beneficiary non-disclosure tax

                   The rate of tax imposed by this Act on the whole or the part of the share of the net income is 48.5%.