Federal Register of Legislation - Australian Government

Primary content

Act No. 71 of 1999 as made
An Act to implement A New Tax System by imposing ultimate beneficiary non-disclosure tax, and for related purposes
Originating Bill: A New Tax System (Ultimate Beneficiary Non-disclosure Tax) Bill (No. 1) 1999
Date of Assent 08 Jul 1999
Date of repeal 24 Sep 2007
Repealed by Tax Laws Amendment (2007 Measures No. 4) Act 2007

 

 

 

 

A New Tax System (Ultimate Beneficiary Non‑disclosure Tax) Act (No. 1) 1999

 

No. 71, 1999


 

 

 

 

A New Tax System (Ultimate Beneficiary Non‑disclosure Tax) Act (No. 1) 1999

 

No. 71, 1999

 

 

 

 

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.................................................................................. 2

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

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

 


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

No. 71, 1999

 

 

 

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

[Assented to 8 July 1999]

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%.

 

 

[Minister’s second reading speech made in—

House of Representatives on 13 May 1999

Senate on 21 June 1999]

 

 

 

 

(83/99)