{"id":"C2004A03870","name":"Close Corporations (Liquidators' Recovery Trust Fund Contribution) Act 1989","slug":"close-corporations-liquidators-recovery-trust-fund-contribution-act-1989","collection":"act","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"122 of 1989","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":26403,"registerId":"commonwealth-C2004A03870-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Close Corporations (Liquidators' Recovery Trust Fund Contribution) Act 1989","content":"![1.jpg](image.001.jpeg)\n\nClose Corporations (Liquidators’ Recovery Trust Fund Contribution) Act 1989\n\nNo. 122 of 1989\n\nAn Act to impose a tax, known as a liquidators’ recovery trust fund contribution, on persons desiring to form close corporations\n\n\\[Assented to 14 July 1989\\]\n\nBE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:\n\nShort title\n\n1. This Act may be cited as the Close Corporations (Liquidators’ Recovery Trust Fund Contribution) Act 1989.\n\nCommencement\n\n2. This Act commences on the same day as section 127 of the Close Corporations Act 1989.\n\nIncorporation\n\n3. The Close Corporations Act 1989 is incorporated, and shall be read as one, with this Act.\n\n  \nImposition of tax\n\n4. The tax by the name of liquidators’ recovery trust fund contribution that is payable under section 127 of the Close Corporations Act 1989 by the subscribers to the founding statement of a proposed close corporation is imposed by this Act.\n\nAmount of tax\n\n5. The amount of the tax is such amount (not exceeding $50) as is prescribed.\n\nRegulations\n\n6. The Governor-General may make regulations prescribing an amount for the purposes of section 5.\n\n\\[Minister’s second reading speech made in—\n\nHouse of Representatives on 25 May 1988\n\nSenate on 14 October 1988\\]","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2483},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The legislation maintains its original narrow scope of imposing a single formation tax on close corporations. There is no evidence of expansion beyond this specific purpose."},"complexity_factors":["Only 6 sections with no subsections or schedules","No defined terms section — relies entirely on definitions imported from the Close Corporations Act 1989","Single operational provision imposing the tax (section 4)","Simple monetary calculation: a prescribed amount capped at $50","No exceptions, exemptions, penalties, or conditional logic"],"plain_english_summary":"Creates a one‑time fee (a \"liquidators' recovery trust fund contribution\") payable when registering a close corporation, charged to those subscribing the founding statement. Up to $50 (set by regulation), the money funds a trust to pay liquidators' costs when close corporations are wound up. The Act operates alongside the Close Corporations Act 1989 and imports its definitions and rules."}},"importantCases":[],"_links":{"self":"/api/acts/close-corporations-liquidators-recovery-trust-fund-contribution-act-1989","history":"/api/acts/close-corporations-liquidators-recovery-trust-fund-contribution-act-1989/history","analysis":"/api/acts/close-corporations-liquidators-recovery-trust-fund-contribution-act-1989/analysis","conflicts":"/api/acts/close-corporations-liquidators-recovery-trust-fund-contribution-act-1989/conflicts","importantCases":"/api/acts/close-corporations-liquidators-recovery-trust-fund-contribution-act-1989/important-cases","documents":"/api/acts/close-corporations-liquidators-recovery-trust-fund-contribution-act-1989/documents"}}