A New Tax System (Ultimate Beneficiary Non‑disclosure Tax) Act (No. 2) 1999

Act No. 72 of 1999 as amended

[Note: This Act was repealed by Act No. 143 of 2007 on 24 September 2007]

This compilation was prepared on 1 July 2006
taking into account amendments up to Act No. 55 of 2006

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra

 

 

 

Contents

1 Short title [see Note 1]

2 Commencement [see Note 1]

3 Imposition of ultimate beneficiary non‑disclosure tax

4 Rate of ultimate beneficiary non‑disclosure tax

Notes

 

An Act to implement A New Tax System by imposing ultimate beneficiary non‑disclosure tax, and for related purposes

  This Act may be cited as the A New Tax System (Ultimate Beneficiary Non‑disclosure Tax) Act (No. 2) 1999.

  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.

  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.

  The rate of tax imposed by this Act on the whole or the part of the share of the net income is 46.5%.

Notes to the A New Tax System (Ultimate Beneficiary Non-disclosure Tax) Act (No. 2) 1999

Note 1

The A New Tax System (Ultimate Beneficiary Non‑disclosure Tax) Act (No. 2) 1999 as shown in this compilation comprises Act No. 72, 1999 amended as indicated in the Tables below.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act

Number
and year

Date
of Assent

Date of commencement

Application, saving or transitional provisions

A New Tax System (Ultimate Beneficiary Non‑disclosure Tax) Act (No. 2) 1999

72, 1999

8 July 1999

8 July 1999 (see s. 2)

 

Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006

55, 2006

19 June 2006

Schedules 1, 3 and 4: 1 July 2006
Remainder: Royal Assent

Sch. 1 (item 32(1))

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected

How affected

S. 4....................

am. No. 55, 2006

 

 

 

 

Table A

Application, saving or transitional provisions

Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006 (No. 55, 2006)

Schedule 1

32  Application

(1) The amendments made by this Schedule, except the amendment of the Income Tax (Bearer Debentures) Act 1971, apply to assessments for the 2006‑2007 year of income and later years of income.