A New Tax System (Ultimate Beneficiary Non‑disclosure Tax) Act (No. 2) 1999
No. 72, 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. 2) 1999
No. 72, 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. 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%.
[Minister’s second reading speech made in—
House of Representatives on 13 May 1999
Senate on 21 June 1999]