1998‑99

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

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

No.      , 1999

(Treasury)

A Bill for an Act to implement A New Tax System by imposing ultimate beneficiary non‑disclosure tax, and for related purposes

  ISBN:  0642 40013X

Contents
1	Short title	1
2	Commencement	1
3	Imposition of ultimate beneficiary non‑disclosure tax	2
4	Rate of ultimate beneficiary non‑disclosure tax	2

A Bill for an Act to implement A New Tax System by imposing ultimate beneficiary non‑disclosure tax, and for related purposes
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%.