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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. 2) 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. 2) 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 102UM(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%.