Commonwealth: Family Trust Distribution Tax (Primary Liability) Act 1998 (Cth)

Family Trust Distribution Tax (Primary Liability) Act 1998 No. 10, 1998 as amended Compilation start date: 25 June 2014 Includes amendments up to: Act No. 41, 2014 About this compilation This compilation This is a compilation of the Family Trust Distribution Tax (Primary Liability) Act 1998 as in force on 25 June 2014. It includes any commenced amendment affecting the legislation to that date. This compilation was prepared on 2 July 2014. The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision. Uncommenced amendments 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. Application, saving and transitional provisions for provisions and amendments 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. Modifications If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes. Provisions ceasing to have effect 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 1 Short title 2 Commencement 3 Imposition of tax 4 Amount of tax 5 Temporary budget repair levy Endnotes Endnote 1—About the endnotes 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] An Act to impose a tax on certain distributions etc. by trusts, partnerships and companies 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 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. 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 (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 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 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 = Legislative Instruments Act 2003 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) /sub‑subparagraph(s) Endnote 3—Legislation history Act Number and year Assent Commencement Application, saving and transitional provisions 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 Sch. 1 (item 32(1)) Remainder: Royal Assent 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 (see s. 2(1)) Sch. 1 (item 2) Remainder: Royal Assent Family Trust Distribution Tax (Primary Liability) Amendment (Temporary Budget Repair Levy) Act 2014 41, 2014 25 June 2014 Sch 1: 25 June 2014 (see s 2(1)) — Remainder: Royal Assent Endnote 4—Amendment history Provision affected How affected s. 3..................... am. No. 41, 2011 s. 4..................... am. No. 55, 2006; No. 38, 2013 s 5..................... ad No 41, 2014 Endnote 5—Uncommenced amendments [none] Endnote 6—Modifications [none] Endnote 7—Misdescribed amendments [none] Endnote 8—Miscellaneous [none]