Close Corporations (Liquidators’ Recovery Trust Fund Contribution) Act 1989

No. 122 of 1989

An Act to impose a tax, known as a liquidators’ recovery trust fund contribution, on persons desiring to form close corporations

[Assented to 14 July 1989]

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

Short title

1. This Act may be cited as the Close Corporations (Liquidators’ Recovery Trust Fund Contribution) Act 1989.

Commencement

2. This Act commences on the same day as section 127 of the Close Corporations Act 1989.

Incorporation

3. The Close Corporations Act 1989 is incorporated, and shall be read as one, with this Act.

Imposition of tax

4. The tax by the name of liquidators’ recovery trust fund contribution that is payable under section 127 of the Close Corporations Act 1989 by the subscribers to the founding statement of a proposed close corporation is imposed by this Act.

Amount of tax

5. The amount of the tax is such amount (not exceeding $50) as is prescribed.

Regulations

6. The Governor-General may make regulations prescribing an amount for the purposes of section 5.

[Minister’s second reading speech made in—

House of Representatives on 25 May 1988

Senate on 14 October 1988]