Commonwealth act

Close Corporations (Additional Liquidators' Recovery Trust Fund Contribution) Act 1989

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

123 of 1989

Collection

act

Plain English Summary

2/10 complexity

This Act creates an "additional liquidators' trust fund contribution" — a small levy payable by close corporations when they are wound up under the Close Corporations Act 1989. The Commission sets the contribution (capped at $50), and the Act is to be read with the Close Corporations Act so its definitions and procedures apply. It ensures funds are available to pay liquidators.

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Close Corporations (Additional Liquidators' Recovery Trust Fund Contribution) Act 1989.

Close Corporations (Additional Liquidators' Recovery Trust Fund Contribution) Act 1989

1.jpg

Close Corporations (Additional Liquidators’ Recovery Trust Fund Contribution) Act 1989

No. 123 of 1989

An Act to impose on close corporations a tax known as an additional liquidators’ trust fund contribution

[Assented to 14 July 1989]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title

This Act may be cited as the Close Corporations (Additional Liquidators’ Recovery Trust Fund Contribution) Act 1989.

Commencement

This Act commences on the same day as section 128 of the Close Corporations Act 1989.

Incorporation

The Close Corporations Act 1989 is incorporated, and shall be read as one, with this Act.

Imposition of tax

Any tax by the name of additional liquidators’ trust fund contribution that is payable by a close corporation under section 128 of the Close Corporations Act 1989 is imposed by this Act.

Amount of tax

The amount of the tax is such amount (not exceeding $50) as is determined in writing by the Commission.

[Minister’s second reading speech made in—

House of Representatives on 25 May 1988

Senate on 14 October 1988]

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Close Corporations (Additional Liquidators' Recovery Trust Fund Contribution) Act 1989