Family Trust Distribution Tax (Primary Liability) Act 1998

No. 10, 1998

Family Trust Distribution Tax (Primary Liability) Act 1998

No. 10, 1998

An Act to impose a tax on certain distributions etc. by trusts, partnerships and companies

Contents

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

2 Commencement..............................2

3 Imposition of tax..............................2

4 Amount of tax...............................2

Family Trust Distribution Tax (Primary Liability) Act 1998

No. 10, 1998

An Act to impose a tax on certain distributions etc. by trusts, partnerships and companies

[Assented to 6 April 1998]

The Parliament of Australia enacts:

1  Short title

  This Act may be cited as the Family Trust Distribution Tax (Primary Liability) Act 1998.

2  Commencement

  This Act commences on the day on which it receives the Royal Assent.

3  Imposition of tax

  Tax payable under section 271-15, 271-20, 271-25, 271-30 or 271‑55 of Schedule 2F to the Income Tax Assessment Act 1936 on the amount or value of income or capital is imposed.

4  Amount of tax

  The amount of the tax imposed by this Act is 48.5% of the amount or value of the income or capital.

[Minister's second reading speech made in—

House of Representatives on 1 October 1997

Senate on 27 October 1997 ]