Taxation (Trustee Beneficiary Non‑disclosure Tax) (No. 2) Amendment (DisabilityCare Australia) Act 2013
No. 49, 2013
An Act to amend the Taxation (Trustee Beneficiary Non‑disclosure Tax) Act (No. 2) 2007, and for related purposes
Contents
1 Short title
2 Commencement
3 Schedule(s)
Schedule 1—Amendments
Taxation (Trustee Beneficiary Non‑disclosure Tax) Act (No. 2) 2007
Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 2) Amendment (DisabilityCare Australia) Act 2013
No. 49, 2013
An Act to amend the Taxation (Trustee Beneficiary Non‑disclosure Tax) Act (No. 2) 2007, and for related purposes
[Assented to 28 May 2013]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Taxation (Trustee Beneficiary Non‑disclosure Tax) (No. 2) Amendment (DisabilityCare Australia) Act 2013.
2 Commencement
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provision(s) | Commencement | Date/Details |
1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table | The day this Act receives the Royal Assent. | 28 May 2013 |
2. Schedule 1 | At the same time as Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013 commences. | 28 May 2013 |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Amendments
Taxation (Trustee Beneficiary Non‑disclosure Tax) Act (No. 2) 2007
1 Section 4
Omit “46.5%”, substitute “47%”.
2 Application of amendment
The amendment made by this Schedule applies to the 2014‑15 year of income and later years of income.
[Minister’s second reading speech made in—
House of Representatives on 15 May 2013
Senate on 16 May 2013]
Overview
The Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 2) Amendment (DisabilityCare Australia) Act 2013 was enacted to address a specific issue within the existing legislative framework concerning the taxation of trustee and beneficiary non-disclosure. This Act, assented to on 28 May 2013, amends the Taxation (Trustee Beneficiary Non-disclosure Tax) Act (No. 2) 2007, primarily to adjust the non-disclosure tax rate to better align with the overall tax system and support the DisabilityCare Australia initiative. The enacting body was the Parliament of Australia, and the policy objective was to ensure that the tax rate accurately reflects the financial requirements of the DisabilityCare Australia scheme. The amendments apply from the 2014-15 year of income onwards.
Scope and Application
The Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 2) Amendment (DisabilityCare Australia) Act 2013 amends the Taxation (Trustee Beneficiary Non-disclosure Tax) Act (No. 2) 2007 to modify the rate of the trustee beneficiary non-disclosure tax. This Act applies to entities, specifically trustees and beneficiaries of trusts, who have failed to disclose the necessary information regarding their trusts to the Commissioner of Taxation. This legislative amendment extends to the Commonwealth of Australia and impacts the tax obligations of those involved in the administration of trusts. The amendment applies to years of income from the 2014-15 year onwards, thereby adjusting the tax rate from 46.5% to 47%. The Act does not specify exclusions, exemptions, or thresholds beyond the scope of its application to the tax rate modification. The Act does not extend its application through subordinate instruments, as the amendments are confined to the specified changes in the rate of tax within the primary Act.
Key Provisions
The Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 2) Amendment (DisabilityCare Australia) Act 2013 primarily focuses on amending the Taxation (Trustee Beneficiary Non-disclosure Tax) Act (No. 2) 2007. Section 4 of the original Act is amended by increasing the tax rate from 46.5% to 47% (Schedule 1, item 1). This amendment applies from the 2014-15 income year onwards (Schedule 1, item 2). The Act was assented to on 28 May 2013 and commenced on the same day (sections 1 and 2).
Entities and individuals governed by the Act now face the obligation to comply with the increased tax rate of 47% for non-disclosure of trustee and beneficiary information, as stipulated in the amended Section 4. This requirement ensures that trustees and beneficiaries provide the necessary information to the Australian Taxation Office, in accordance with the updated tax rate. Non-compliance with these disclosure requirements may lead to penalties and legal consequences.
The Act does not explicitly state specific offences or penalties for breach in its text; however, the original Taxation (Trustee Beneficiary Non-disclosure Tax) Act (No. 2) 2007 likely outlines the penalties for non-compliance. Generally, penalties for non-disclosure of trustee and beneficiary information can include fines, interest on unpaid taxes, and potential criminal charges in severe cases. The exact penalties would need to be referred to in the original Act for precise details.