Family Trust Distribution Tax (Primary Liability) Act 1998

1 Short title

This Act may be cited as the Family Trust Distribution Tax (Primary Liability) Act 1998.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Imposition of tax

Tax payable under Income Tax Assessment Act 1936 on the amount or value of income or capital is imposed.section 271-15, 271-20, 271-25, 271-30 or 271-55 in Schedule 2F to the

4 Amount of tax

The amount of the tax imposed by this Act is 47% of the amount or value of the income or capital.

5 Temporary budget repair levy

This section applies:

(a) in relation to tax payable under Income Tax Assessment Act 1936—to notices mentioned in that section that are given by the Commissioner in a temporary budget repair levy year; orsection 271-55 in Schedule 2F to the

otherwise—to present entitlements conferred, or distributions made, in a temporary budget repair levy year.

Increase the amount of the percentage mentioned in section 4 by 2 percentage points.

In this section:

temporary budget repair levy year has the same meaning as in section 4-11 of the Income Tax (Transitional Provisions) Act 1997.

Endnotes

Endnote 1—About the endnotes

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.

Abbreviation key—Endnote 2

The abbreviation key in this endnote sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

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.

Uncommenced amendments—Endnote 5

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.

Modifications—Endnote 6

If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.

Misdescribed amendments—Endnote 7

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.

Miscellaneous—Endnote 8

Endnote 8 includes any additional information that may be helpful for a reader of the compilation.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Uncommenced amendments [none]

Endnote 6—Modifications [none]

Endnote 7—Misdescribed amendments [none]

Endnote 8—Miscellaneous [none]