Family Trust Distribution Tax (Primary Liability) Act 1998 (Cth)
This is a compilation of the
This compilation was prepared on 2 July 2014.
The notes at the end of this compilation (the
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.
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.
If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.
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
This Act may be cited as the
Family Trust Distribution Tax (Primary Liability) Act 1998.
This Act commences on the day on which it receives the Royal Assent.
Tax payable under section 271‑15, 271‑20, 271‑25, 271‑30 or 271‑55 in Schedule 2F to the
Income Tax Assessment Act 1936 on the amount or value of income or capital is imposed.
The amount of the tax imposed by this Act is 47% of the amount or value of the income or capital.
(1) This section applies:
(a) in relation to tax payable under section 271‑55 in Schedule 2F to the
Income Tax Assessment Act 1936 —to notices mentioned in that section that are given by the Commissioner in a temporary budget repair levy year; or(b) otherwise—to present entitlements conferred, or distributions made, in a temporary budget repair levy year.
(2) Increase the amount of the percentage mentioned in section 4 by 2 percentage points.
(3) In this section:
temporary budget repair levy year has the same meaning as in section 4‑11 of theIncome Tax (Transitional Provisions) Act 1997 .
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.
The abbreviation key in this endnote sets out abbreviations that may be used in the endnotes.
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.
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.
If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.
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.
Endnote 8 includes any additional information that may be helpful for a reader of the compilation.
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 = | 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)
|
Family Trust Distribution Tax (Primary Liability) Act 1998 | 10, 1998 | 6 Apr 1998 | 6 Apr 1998 | |
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)) |
Tax Laws Amendment (2011 Measures No. 2) Act 2011 | 41, 2011 | 27 June 2011 | Schedule 5 (item 373): Royal Assent | — |
Family Trust Distribution Tax (Primary Liability) Amendment (DisabilityCare Australia) Act 2013 | 38, 2013 | 28 May 2013 | Schedule 1: 28 May 2013 ( Remainder: Royal Assent | Sch. 1 (item 2) |
Family Trust Distribution Tax (Primary Liability) Amendment (Temporary Budget Repair Levy) Act 2014 | 41, 2014 | 25 June 2014 | Sch 1: 25 June 2014 ( Remainder: Royal Assent | — |
s. 3........................................ | am. No. 41, 2011 |
s. 4........................................ | am. No. 55, 2006; No. 38, 2013 |
s 5......................................... | ad No 41, 2014 |
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