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Trust Recoupment Tax Act 1985

Authoritative Version
Act No. 3 of 1985 as amended, taking into account amendments up to Trust Recoupment Tax Amendment (Temporary Budget Repair Levy) Act 2014
An Act to impose a tax in respect of income of certain trusts
Administered by: Treasury
Registered 07 Jul 2014
Start Date 25 Jun 2014
Table of contents.

Description: Commonwealth Coat of Arms

Trust Recoupment Tax Act 1985

No. 3, 1985 as amended

Compilation start date:                     25 June 2014

Includes amendments up to:            Act No. 50, 2014

 

About this compilation

This compilation

This is a compilation of the Trust Recoupment Tax Act 1985 as in force on 25 June 2014. It includes any commenced amendment affecting the legislation to that date.

This compilation was prepared on 3 July 2014.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision.

Uncommenced amendments

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.

Provisions ceasing to have effect

If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.

  

  

  


Contents

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

2............ Commencement................................................................................... 1

3............ Incorporation....................................................................................... 1

4............ Imposition of tax................................................................................. 1

5............ Rates of tax......................................................................................... 1

6............ Temporary budget repair levy............................................................. 1

Endnotes                                                                                                                                      3

Endnote 1—About the endnotes                                                                              3

Endnote 2—Abbreviation key                                                                                  5

Endnote 3—Legislation history                                                                               6

Endnote 4—Amendment history                                                                             7

Endnote 5—Uncommenced amendments [none]                                            8

Endnote 6—Modifications [none]                                                                           8

Endnote 7—Misdescribed amendments [none]                                               8

Endnote 8—Miscellaneous [none]                                                                          8


An Act to impose a tax in respect of income of certain trusts

1  Short title

                   This Act may be cited as the Trust Recoupment Tax Act 1985.

2  Commencement

                   This Act shall come into operation on the day on which the Trust Recoupment Tax Assessment Act 1985 comes into operation.

3  Incorporation

                   The Trust Recoupment Tax Assessment Act 1985 is incorporated and shall be read as one with this Act.

4  Imposition of tax

                   Where a taxable amount exists under the Trust Recoupment Tax Assessment Act 1985, tax is imposed and shall be levied and paid on that taxable amount.

5  Rates of tax

                   The rate of tax imposed by this Act on a taxable amount is:

                     (a)  in the case of a primary taxable amount or a secondary taxable amount—45%;

                     (b)  in the case of an elected taxable amount—75%; and

                     (c)  in the case of a company taxable amount—46%.

6  Temporary budget repair levy

             (1)  This section applies to the temporary budget repair levy years.

             (2)  Increase the rate of tax mentioned in paragraph 5(a) by 2 percentage points.

             (3)  In this section:

temporary budget repair levy year means a year of income corresponding to a temporary budget repair levy year (within the meaning of section 4‑11 of the Income Tax (Transitional Provisions) Act 1997).


Endnotes

Endnote 1—About the endnotes

The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:

 

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Uncommenced amendments

Endnote 6—Modifications

Endnote 7—Misdescribed amendments

Endnote 8—Miscellaneous

 

If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.

 

Abbreviation key—Endnote 2

The abbreviation key in this endnote sets out abbreviations that may be used in the endnotes.

 

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

 

The legislation history in endnote 3 provides information about each law that has amended the compiled law. The information includes commencement information for amending laws and details of application, saving or transitional provisions that are not included in this compilation.

 

The amendment history in endnote 4 provides information about amendments at the provision level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.

 

 

Uncommenced amendments—Endnote 5

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in endnote 5.

 

Modifications—Endnote 6

If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.

 

Misdescribed amendments—Endnote 7

An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.

 

Miscellaneous—Endnote 8

Endnote 8 includes any additional information that may be helpful for a reader of the compilation.

 

Endnote 2—Abbreviation key

 

ad = added or inserted

pres = present

am = amended

prev = previous

c = clause(s)

(prev) = previously

Ch = Chapter(s)

Pt = Part(s)

def = definition(s)

r = regulation(s)/rule(s)

Dict = Dictionary

Reg = Regulation/Regulations

disallowed = disallowed by Parliament

reloc = relocated

Div = Division(s)

renum = renumbered

exp = expired or ceased to have effect

rep = repealed

hdg = heading(s)

rs = repealed and substituted

LI = Legislative Instrument

s = section(s)

LIA = Legislative Instruments Act 2003

Sch = Schedule(s)

mod = modified/modification

Sdiv = Subdivision(s)

No = Number(s)

SLI = Select Legislative Instrument

o = order(s)

SR = Statutory Rules

Ord = Ordinance

Sub‑Ch = Sub‑Chapter(s)

orig = original

SubPt = Subpart(s)

par = paragraph(s)/subparagraph(s)

/sub‑subparagraph(s)

 

 

 

Endnote 3—Legislation history

 

Act

Number and year

Assent

Commencement

Application, saving and transitional provisions

Trust Recoupment Tax Act 1985

3, 1985

29 Mar 1985

5 Apr 1985 (see s. 2)

 

Taxation Laws (Miscellaneous Provisions) Act 1986

109, 1986

4 Nov 1986

4 Nov 1986

s. 7

Taxation Laws Amendment (Rates and Rebates) Act 1989

70, 1989

21 June 1989

21 June 1989

s. 8

Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006

55, 2006

19 June 2006

Schedules 1, 3 and 4: 1 July 2006
Remainder: Royal Assent

Sch. 1 (item 32(1)) [see Table A]

Trust Recoupment Tax Amendment (Temporary Budget Repair Levy) Act 2014

50, 2014

25 June 2014

Sch 1: 25 June 2014 (see s 2(1))
Remainder: Royal Assent

 

Endnote 4—Amendment history

 

Provision affected

How affected

s. 5.......................................

am. No. 109, 1986; No. 70, 1989; No. 55, 2006

s 6........................................

ad No 50, 2014

 

Endnote 5—Uncommenced amendments [none]

Endnote 6—Modifications [none]

Endnote 7—Misdescribed amendments [none]

Endnote 8—Miscellaneous [none]