A New Tax System (Ultimate Beneficiary Non-disclosure Tax) Act (No. 1) 1999 (Cth)

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

Act No. 71 of 1999 as amended

[Note: This Act was repealed by Act No. 143 of 2007 on 24 September 2007]

This compilation was prepared on 1 July 2006

taking into account amendments up to Act No. 55 of 2006

The text of any of those amendments not in force

on that date is appended in the Notes section

The operation of amendments that have been incorporated may be

affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,

Attorney‑General’s Department, Canberra

      

Contents

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

1Short title [see Note 1]

 This Act may be cited as the A New Tax System (Ultimate Beneficiary Non‑disclosure Tax) Act (No. 1) 1999.

2Commencement [see Note 1]

 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.

3Imposition 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.

4Rate 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 46.5%.

Notes to theA New Tax System (Ultimate Beneficiary Non-disclosure Tax) Act (No. 1) 1999

Note 1

The A New Tax System (Ultimate Beneficiary Non‑disclosure Tax) Act (No. 1) 1999 as shown in this compilation comprises Act No. 71, 1999 amended as indicated in the Tables below.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
A New Tax System (Ultimate Beneficiary Non‑disclosure Tax) Act (No. 1) 1999	71, 1999	8 July 1999	8 July 1999 (see s. 2)
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))

Table of Amendments

ad. = added or inserted  am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
S. 4.........................................	am. No. 55, 2006

Table A

Application, saving or transitional provisions

Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006(No. 55, 2006)

Schedule 1

32

Application

(1) The amendments made by this Schedule, except the amendment of the Income Tax (Bearer Debentures) Act 1971, apply to assessments for the 2006‑2007 year of income and later years of income.