A New Tax System (Ultimate Beneficiary Non‑disclosure Tax) Act (No. 2) 1999

No. 72, 1999

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...................................

2 Commencement...............................

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

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

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]