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............................................................................................
2............ Commencement..................................................................................
3............ Imposition of tax................................................................................
4............ Amount of tax.....................................................................................
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 ]